On January 1, 2021, Congress enacted the National Defense Authorization Act of 2021. Within that act and as part of the Anti-Money Laundering Act of 2020, Congress enacted what we now know as the Corporate Transparency Act (CTA). The CTA requires certain entities, both domestic and foreign, to file a beneficial ownership information (BOI) report, which provides information about their owners, management, and individuals who assisted in the creation of the entities, with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). The CTA issued a Small Entity Compliance Guide providing an overview of the CTA, guidance on how one might go about determining whether a company is, or is not, a reporting company for CTA purposes, an explanation of the process of determining who is deemed a beneficial owner under the CTA, and finally, the 23 exemptions provided in the CTA and addresses key points to note.
Read more about BOI Filing Exemptions in Beneficial Ownership section of The Gold Book.