MSU Extension Informs Montanans About Corporate Transparency Act

A new federal reporting requirement aimed at reducing corporate crime will affect some Montana farmers, ranchers, and businesses, according to Montana State University Extension.

Beginning on January 1, 2024, certain corporations, limited liability companies, and other entities created or registered to do business in the U.S. will be required to report information about their beneficial owners to the Financial Crimes Enforcement Network, or FinCEN, within the U.S. Treasury Department.

The new reporting requirement stems from the Corporate Transparency Act, passed by Congress in 2021. It is par...