Corporate Transparency Act (CTA)
Please note that the Department of Financial Institutions (DFI) is a state of Wisconsin entity and does not administer the CTA. The CTA is administered by the federal government. Therefore, DFI is unable to answer specific questions regarding compliance.
Where can I get more information on this topic?
This
information is provided on behalf of the Department of the Treasury and
FinCEN, which administers the CTA's reporting requirements. Visit the
webpages below or contact FinCEN for more information:
FinCEN's beneficial ownership information webpage:
FinCEN's small entity compliance guide
FinCEN's FAQs: FinCEN email: FRC@fincen.gov
FinCEN's Regulatory Helpline: 1-800-767-2825
FinCEN's contact form
The
Corporate Transparency Act (“CTA") was enacted by Congress on a
bipartisan basis on January 1, 2021, as part of the National Defense
Authorization Act. The CTA seeks to prevent and combat money laundering,
terrorist and proliferation financing, serious tax fraud, and other
financial crimes by making it harder for bad actors to hide or benefit
from their ill-gotten gains through shell companies or other opaque
structures. Among other reforms, the CTA requires most corporations,
limited liability companies, and other similar entities formed or
registered to do business in the United States to report information
about their beneficial ownership to the Financial Crimes Enforcement
Network (FinCEN), a bureau within the U.S. Department of Treasury.
When does the CTA take effect?
What entities are required to file reports with FinCEN?
The
CTA's reporting requirements apply to corporations, limited liability
companies, and other entities created by filing a document with the
Department of Financial Institutions or a similar office in another
state (such as a secretary of state's office). The CTA refers to these
entities as domestic reporting companies. The CTA's
reporting requirements also refer to entities formed in another country
that have registered to do business in the United States by filing a
document with the Department of Financial Institutions or a similar
office in another state. The CTA refers to those entities as foreign reporting companies.
Several
types of types of entities are exempt from these reporting
requirements, including tax-exempt entities. The FinCEN resources below
provide more information on reporting requirements and exemptions.