Corporate Transparency Act and Beneficial Ownership Information (BOI) Filing

The Corporate Transparency Act (CTA), is a significant regulatory change that requires many businesses to disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).

 

Key Details of the Corporate Transparency Act:

Effective Dates:

For companies established before 2024, the initial report is due by January 1, 2025.

For companies created in 2024, the report is due 90 days after the company’s formation. For those established after 2024, the report is due 30 days after the company’s formation.

 

What is BOI?: Beneficial ownership information includes the names, birth dates, addresses, and government identification numbers of individuals who own or control the entity.

 

Who Needs to File?: Most corporations, limited liability companies (LLCs), and similar entities created or registered in the U.S. are required to file. However, there are several exemptions to this filing. Please see the FinCEN website for more information (https://boir.com/who-needs-to-file-a-boi-report).

 

Next Steps for Your Business:

If your entity is required to file, it’s essential to prepare your BOI to ensure compliance with the new law. BOI reports must be filed electronically via FinCEN’s portal, https://boiefiling.fincen.gov/. Koss Olinger will not be filing these reports. Individuals may complete this filing independently or seek assistance from the attorney who established their entity.

If you have any questions about this process, please do not hesitate to reach out.