ACTION REQUIRED: Corporate Transparency Act (CTA) Beneficial Ownership Information (BOI) Reporting

If you haven’t already done so, now is the time to confirm that your business entities have satisfied the new Corporate Transparency Act (CTA) beneficial ownership information (BOI) reporting requirements or that an exception applies. Most of my clients will need to comply with this requirement. Failure to comply may result in significant civil and criminal penalties.

What do you need to do for BOI compliance?

If you formed a business entity during 2024, you were required to file a CTA report within 90 days of formation unless an exception applies. If you formed a business entity before 2024, you need to file a CTA report by the end of this calendar year unless an exception applies.

Please don’t wait until the last minute. Governmental portals are sometimes down near filing deadlines because of the number of people trying to use them. 

The Corporate Transparency Act (CTA) was passed by the United States Congress to combat money laundering and terrorist financing. The CTA establishes a beneficial ownership information reporting requirement for corporations, limited liability companies, and other similar entities created or registered to do business in the United States. The beneficial ownership information reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury. We encourage you to review the information found on their website.

Please let me know if you have any questions or if I can be of any further assistance.