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The Corporate Transparency Act (CTA) mandates U.S. and certain foreign entities to report Beneficial Ownership Information (BOI) to FinCEN, aiming to curb illegal activities involving anonymous shell companies. Covered entities encompass corporations, LLCs, and similar structures formed in the U.S. or tribal jurisdictions. Exemptions include publicly traded and regulated entities, as well as larger operational companies. Foreign entities engaged in U.S. business activities, like Canadian companies expanding to the U.S., must also report. Having an Employer Identification Number (EIN) alone doesn't trigger reporting. BOI includes details of beneficial owners and reporting companies. Applicants for entities created post-Jan 01, 2024, must be reported. Noncompliance with reporting deadlines incurs hefty civil and criminal penalties.

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