New Corporate Transparency Law Revolutionizes Company Reporting

**New **Corporate Transparency Law Revolutionizes Company Reporting Requirements

A groundbreaking Federal law, known as the Corporate Transparency Act, officially took effect on January 1, 2024. This significant regulatory shift mandates most domestic and foreign companies to divulge their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), marking a significant progression in the United States' push towards greater corporate accountability and financial transparency.