The Corporate Transparency Act was enacted in 2021 to try and prevent fraud and other financial crimes. As part of that effort, all businesses – – except publicly traded companies, highly regulated businesses such as banking and insurance, and tax-exempt entities – – were covered by requirements to file a beneficial ownership information report with the Financial Crimes Enforcement Network (FinCEN).
As of March 26, 2025, a Treasury Interim Final Rule is in effect which exempts all domestic reporting companies and their beneficial owners from the requirement to file Beneficial Ownership Information reports or to update or correct previous Beneficial Ownership Information reports. Treasury expects to issue a final rule on this matter later this year.
The IJ Clinic seeks to empower Chicago entrepreneurs, including though providing educational resources aimed at offering entrepreneurs practical advice on starting and growing a business. This information will remain available on this page until December 2025.
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