Corporate Transparency Act Reporting
What’s new?
Carta Launch companies can now complete their Corporate Transparency Act report directly in Carta.
What is the Corporate Transparency Act?
The Corporate Transparency Act is a new Law that came into effect on 1/1/2024 that requires companies to report their company and ownership information to the Financial Crimes and Enforcement Network (FinCEN). Many companies registered or doing business in the US are required to comply within 90 days of incorporation and provide continuous updates whenever the company or ownership information changes.
Why is it valuable?
Non compliance with the Corporate Transparency Act has both civil and criminal penalties for companies and their owners. Carta helps simplify the filing process using your data that’s already on Carta.
Who is this product available to?
This is currently only available for companies that are incorporated on or after January 1, 2024 and are using Carta’s free Launch product but it will be made available to all companies in mid 2024.
How does it work?
- Navigate to the CTA reporting page under the Compliance & Tax tab
- Review and verify the pre-filled company and ownership information
- Provide any missing information (e.g owners or company applicants)
- Submit your Corporate Transparency Act report
Where can I learn more?
Additional information about CTA and how Carta can help you comply can be found here
