Secretary Giannoulias and the Corporate Transparency Act

The Illinois Manufacturers’ Association, in concert with Illinois Secretary of State Alexi Giannoulias, and our partners in the business community hosted a webinar on February 22, 2024 to discuss the recently enacted federal Corporate Transparency Act (CTA).

The new CTA will have a sizable impact on thousands of small businesses in Illinois and across the United States who must file certain beneficial ownership information or face government penalties.

The CTA requires certain businesses, known as non-exempt reporting companies, to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). It was created in an effort to prevent terrorist financing, money-laundering, or illegal activity that may often be hidden through shell company structures.

The new law took effect on January 1, 2024, with the first reporting by companies by January 1, 2025. Newly created companies have 90 days after creation with the Secretary of State’s Office to file their initial BOIR reports.

The webinar recording is here.
A copy of the webinar presentation is here.

Thank you to SOS Giannoulias, IRMA, Chicagoland Chamber of Commerce, the Illinois Chamber of Commerce and so many other partner organizations for your assistance with this event.