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Corporate Transparency Act - Latest Update

The Corporate Transparency Act (CTA) is now back in effect, and businesses are required to file Beneficial Ownership Information (BOI) reports. To ensure compliance, here’s what you and your clients need to know:

- All qualified companies are required to file a Beneficial Ownership Report.
- Businesses can file directly through the FinCEN website: www.fincen.gov/boi
- New LLCs and Corporations (formed in 2025) must file within 30 days of formation.
- Existing LLCs and Corporations must file by March 21, 2025.
- Substantial penalties apply for willful violations of BOI reporting requirements. Best practice: File as soon as possible after entity formation to minimize penalties.
- The filing process is designed to be something business owners can do themselves.

Refer to the FinCEN website for more details.
FinCEN Portal

Corporate Transparency Act - FinCEN Now accepting BOIRs

This law passed in 2021, created a new beneficial ownership information (BOI) reporting requirement. Starting January of 2024, this report will be required for many entities, as part of the U.S. government's efforts to address financial crimes.

FinCEN announced a new Small Entity Compliance Guide to assist the small business community learn about and complying with the beneficial ownership information (BOI) reporting rule. Many entities created in, or registered to do business in, the United States will be required to report to FinCEN information about their beneficial owners - the individuals who ultimately own or control a company.

FinCEN has issued FAQs about the BOI reporting requirements incorporating content from the Small Entity Compliance Guide, which is accessible by clicking the guide cover.

Deadline: January 1, 2025 (or 30 days from date of formation if business started after January 1, 2024)
 
The Corporate Transparency Act (CTA) mandates that small businesses and certain entities report beneficial ownership information to the Financial Crimes Enforcement Network. This law aims to prevent money laundering, tax evasion, and illicit activities by requiring companies to disclose information about individuals who own or control 25% or more of the business or exercise substantial control.
 
Small businesses should be aware that the CTA applies to most entities with fewer than 20 employees or less than $5 million in revenue, except for certain exempted companies.
 
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