Secretary of State Diego Morales notifying Hoosier businesses of new reporting requirements to comply with Federal Corporate Transparency Act
INDIANAPOLIS — Secretary of State Diego Morales wants Hoosier business owners to be aware of new federal reporting requirements going into effect over the next two years. Starting in January, new businesses registered in Indiana must report beneficial ownership information to the Federal government within 90 days of formation. Businesses registered in Indiana prior to January 2024 will be required to report beneficial ownership to the Federal Government starting in 2025.
The Indiana Secretary of State’s Office has deployed a webpage with resources to guide businesses on how to comply with new requirements under the Federal Corporate Transparency Act (“CTA”).
Enacted by Congress in 2021 as part of the National Defense Authorization Act, the CTA includes reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. Beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FINCEN), a bureau within the U.S. Department of Treasury.
FINCEN has a comprehensive website, tools, and a call center to help businesses determine their filing requirements. Businesses registered in Indiana are advised to check with a corporation service company, accountant, CPA, or Attorney for individual guidance on the reporting requirements.
The implementation date and deadlines are currently being discussed by federal lawmakers. The Indiana Secretary of State’s office will keep Hoosier businesses informed with updates.