As of 1st of January, 2024 the Corporate Transparency Act (CTA) became a federal law. Under the new regulations, each US entity incorporated or formed in 2024 has 90 days following the date of incorporation or formation to report it's beneficial owners to FinCEN, a federal government agency. A beneficial owner is each natural person holding 25% or more. Nominees or other corporate entities are not considered beneficial owners and a breakdown to one or more natural persons ultimately controlling the entity in question is required. Entities that existed before 1st of January, 2024 have 1 year (until 1st of January, 2025) to file their first beneficial owner report with FinCEN.