The Corporate Transparency Act: What Business Owners Need to Know

March 3, 2025

Nayan Lapsiwala

Lina Sanchez

Sarah Camara

The Corporate Transparency Act: Crucial Timelines for Business Owners

If you own a business, you have likely heard about the Corporate Transparency Act (CTA)—a law enacted in January 2021 as part of the Anti-Money Laundering Act of 2020. The CTA was designed to enhance financial transparency and prevent financial crimes like money laundering and tax evasion. It originally required certain businesses to disclose their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) to help combat the misuse of shell companies.

However, the U.S. Department of the Treasury recently announced that the CTA will only be enforced for foreign reporting companies. This means U.S. citizens and domestic businesses are no longer required to file BOI reports.

Recent CTA updates

As of March 2, 2025, the Treasury Department confirmed that U.S. businesses will not face penalties or fines for failing to file BOI reports, as they are no longer subject to the CTA’s reporting requirements.

However, foreign reporting companies—businesses formed outside the U.S. that have registered to do business in a U.S. state or tribal jurisdiction by filing a document with the Secretary of State—must still comply with BOI reporting rules.

Future changes are possible, especially under a new administration, so if you are a business owner, we suggest you continuing to monitor regulatory updates.

If you’ve already filed your BOI report, no further action is required. The Treasury Department has confirmed that U.S. businesses are no longer subject to the CTA’s reporting requirements, and FinCEN will not impose penalties on those who previously filed.

Our client service teams have been in touch with clients like you, ensuring you have the latest information and guidance. We will continue monitoring the situation closely and provide updates as needed.

Aspiriant recommends that you stay proactive by consulting your legal and financial advisors to determine whether the revised CTA rules apply to you. For the latest updates, visit the FinCEN website or connect with your Aspiriant client service team, legal counsel or tax professional.

Nayan Lapsiwala

Director in Wealth Management, Partner

Nayan is a director in wealth management and partner at Aspiriant and serves as the practice leader for the Silicon Valley region. Nayan brings his knowledge of economic market data and financial planning acumen to each client relationship. His natural ability to listen and synthesize complex financial situations into actionable plans paired with his desire to get to know each client’s set of unique circumstances, make him a powerful partner to work with in wealth management.

Nayan came to Aspiriant in 2017 as part of Stanford Investment Group, which he joined in 2007. In addition to his role as a Wealth Advisor at SIG, Nayan was a key member of the Investment Research and Portfolio Management teams. Before entering the investment advisory industry, he worked at ICICI Lombard General Insurance and IDBI Bank as a Marketing Coordinator on their respective business development teams.

Nayan is a proud recipient of “Outstanding Graduate Student Award — Master of Science in Finance” from Ageno School of Business at Golden Gate University. He earned a Bachelor of Science degree in computer science from South Gujarat University in India.

He is a Certified Financial Planner™ (CFP^®), Chartered Financial Analyst^® (CFA), Chartered Alternative Investment Analyst (CAIA^®) and a member of the FPA Association, CFA Institute, and CAIA Association. Nayan was honored by Money.com and the Financial Planning Association (FPA) as one of the best financial planners for 2024-2025. Additionally, he has been named to the 2024 Forbes Best in State wealth advisors list.

Nayan and his wife live in San Jose, Calif., with their children. In his free time, he enjoys spending time with family and friends, traveling, good food, and watching basketball, cricket and tennis.

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Lina Sanchez

Senior Manager in Wealth Management

Lina joined Aspiriant in 2022 and serves as a Senior Manager in Wealth Management in Silicon Valley. She has more than a decade of experience within the financial services industry and serving high-net-worth individuals and families. In addition to her client service responsibilities, Lina is a member of Aspiriant’s Women Taking Charge and Liquidity Events committees and serves as a subject matter expert on marriage and divorce for the firm.

Prior to joining Aspiriant, Lina was a senior wealth advisor for an independent wealth management firm based in Plantation, FL. She also served as a financial advisor for Merrill Lynch Wealth Management based in Florham Park, NJ.

Lina earned a Bachelor of Arts degree in Economics and a Bachelor of Science in Business Administration, with a concentration in International Business and Marketing, from Montclair State University and graduated cum laude. Additionally, Lina obtained her Series 7, 66, and 2-15 licenses. She is also a Certified Exit Planning Advisor (CEPA^®), a Certified Divorce Financial Analyst (CDFA^®) and a Chartered Special Needs Consultant (ChSNC^®).

In her free time, Lina volunteers for several organizations that promote financial literacy in addition to taking on different pro-bono projects. She also likes to travel and spend time with family and friends – splitting her time between New York and Florida.

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Sarah Camara

Fathom Author

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Editor’s note: This article has been updated since its original July 17, 2024 publication.

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