The Corporate Transparency Act (CTA) is a new law that mandates that a business entity must declare who are the beneficial owners of that entity. There is no fee for submitting your beneficial ownership information report to FinCEN.
Corporate Transparency Act (CTA) applies to:
- Corporations (Both C and S)
- Partnerships (Both General and Limited)
- Professional Corporations
- Limited Liability Entities (in all forms including single member LLC’s)
Reporting Requirements:
- Most companies are required to file Beneficial Ownership Information (BOI).
- Starting January 1, 2024 reports must be filed electronically using the U.S Financial Crimes Enforcement Network (FinCEN’s) online filing system at boiefiling.fincen.gov
- Reporting Companies created or registered to do business before January 1, 2024 have until January 1, 2025 to file their initial BOI report.
- Reporting Companies created or registered after January 1, 2024 and before January 1, 2025, have 90 calendar days after receiving actual notice of creation or registration.
- Once you have registered there are no further actions unless there are changes to the Company & there is no fee for submitting this information.
Penalties are Substantial for Non-Compliance. We cannot assist you with these filings.
- These forms are legal in nature and require uploading of personal information and documentation to the Financial Crimes Enforcement Network (FinCEN). We are not licensed to practice law. Therefore, we will be unable to assist you with these filings. We recommend you engage your attorney.
Below is a link to the Small Entity Compliance Guide – BOI Reporting Requirements.
https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf
