Diserio Martin O’Connor & Castiglioni LLP
Attorneys at Law                        DMOC.com
Telephone: (203) 358-0800
DMOC Client Alert


Beginning January 1, 2024, many of our individual and corporate clients will be impacted by the new reporting requirements imposed by the Corporate Transparency Act (the “Act”). The Act requires that certain, non-exempt privately-owned entities including corporations, limited liability companies, limited partnerships and similar entities (“Reporting Companies”) file a beneficial ownership report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). While FinCEN has yet to publish a reporting form, we do know that the information required to be disclosed will include the name, address, date of birth and unique identification number from an acceptable identification document (i.e. a driver’s license or passport) for: (1) all beneficial owners who exercise substantial control over the Reporting Company, or own not less than 25% of the ownership interest in the Reporting Company; and (2) for all applicants who file registration documents to form the Reporting Companies in the various states. Entities formed after January 1, 2024, will be required to file this information with FinCEN within 30 days of formation. Entities formed before January 1, 2024, will have until the end of 2024 to file their reports, and such entities will not need to report applicant information. Note, these requirements continue to evolve as various regulations are pending and have yet to be finalized. In the interim, FinCEN has published some explanatory materials which can be found at this link: BOI Small Compliance Guide (constantcontact.com).
Whether you are an individual client who has formed a limited liability company to purchase real estate or for other personal reasons, or a privately-owned business or family office with established lines of business, you will likely be impacted by these new mandates. We urge you to contact us and speak to one of our business lawyers to ensure that you understand your obligations under the Act, and for assistance with compliance.
Kevin T. Katske
Kevin T. Katske, Esq., Chair
Commercial Department
Phone: 203-569-1101
Email: Kkatske@dmoc.com
James P. Carlon
James P. Carlon, Esq., Partner
Commercial Real Estate
Phone: 203-569-1119
Email: jcarlon@dmoc.com
J. Russell Bulkeley
J. Russell Bulkeley, Esq., Partner
Corporate Finance/Mergers & Acquisition
Phone 203-358-0800
Email: rbulkeley@dmoc.com
Anthony J. Iaconis
Anthony Iaconis, Esq., Partner
Commercial Department
Phone: 203-569-1199
Email: Aiaconis@dmoc.com