Corporate Transperancy Act

For Irish business executives, accountants, and legal professionals with U.S. businesses or clients, the Corporate Transparency Act (CTA) remains a crucial regulatory development to watch.

Filings must be made by 21 March 2025– otherwise you face fines beginning at $10,000 plus possible prosecution

The CTA, designed to combat corporate anonymity and money laundering, has faced legal turbulence in recent months. After a temporary legal hold, a U.S. court decision in February 2025 reinstated the law, meaning Irish businesses operating in the U.S. must comply with its beneficial ownership reporting requirements.

1   If your Irish business has a U.S. subsidiary or entity (such as an LLC, Corporation, LLP, LP, etc) , you must report beneficial ownership information (BOI) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). 

This includes:  

            ✅ Company details (name, state of formation, EIN, etc.)  

            ✅ Beneficial owners (anyone with at least 25% ownership or substantial control)  

            ✅ Personal details of beneficial owners (name, DOB, residential address, ID documents)

2   Irish Businesses operating in any part of the United States who may file foreign tax returns (IRS Forms 1120-F) may also have to file. 

3   Many States (New York) also have filing requirements.

New U.S. Treasury Secretary Scott Bessent has indicated possible modifications to reporting requirements, potentially easing compliance burdens on small businesses. However, full compliance remains essential, and Irish businesses with U.S. operations should stay ahead of any regulatory adjustments.

📌 If your business operates in the U.S., ensure your compliance teams are prepared to file BOI reports. 

📌 If you advise Irish businesses with U.S. subsidiaries, now is the time to guide them through the evolving landscape. 

📌 Potential regulatory changes may adjust filing deadlines and amendment rules – stay informed to avoid non-compliance penalties.

With over 32 million entities expected to file under the CTA, this is one of the most significant financial transparency laws in U.S. history. Irish businesses must take action now to ensure compliance.

Sey Tax Group (Dublin & New York) can prepare and timely file these BOI reports. For more or to book a free consultation book below.

Sey Tax Group advises Irish Businesses on U.S. / Irish tax matters. We are the only specialist dedicated solely to U.S. / Irish matters. We are licenced in both jurisdictions (CPA in New York; CTA in Ireland) with a New York law office.