How Will the Corporate Transparency Act Affect Your Business?

What is the Corporate Transparency Act (CTA)?

As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) is now accepting U.S. Beneficial Ownership Information (BOIR) through the FinCEN’s secure website, as a result of the recently passed Corporate Transparency Act. The CTA “requires otherwise unregulated companies to report information about “beneficial owners”—those who own at least 25% of or exercise substantial control over the reporting company—to the U.S. Department of the Treasury’s FinCEN. Failure to comply could result in fines of up to $10,000 and imprisonment for up to two years…”

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***Update 12/1/24: Please note that beneficial ownership information reporting requirements have been affected by a recent federal court order. The Department of the Treasury is appealing that order. In the meantime, reporting companies are not currently required to file a BOIR and are not subject to liability if they fail to do so while the applicable order remains in force. However, reporting companies may still opt to file a BOIR. Click here for more information about this.

Information about Filing

Filing is free of charge and is not an annual requirement. Unless the filer needs to update or correct information, BOIR only needs to be submitted once. This information includes:

Filing Information
Reporting Company
Company Applicant(s)
Beneficial Owner(s)

*Note: The above fields will require information such as business and personal addresses, date of birth, FinCEN ID, an image of your current US passport / driver’s license, etc. You will want to have this prepared before filing in order to maximize your time.

Deadlines to File

Companies that are required to comply must file by the following deadlines:

1/1/25 – Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
90 calendars days in 2024 – Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

Two Methods for Filing BOIR

File PDF BOIR
- Adobe Reader 8 or higher is required
- Ability to reuse PDF BOIR when filing updates/corrections as well as to download BOIR transcript upon submission
File Online BOIR
- Prepare new Online BOIR when filing updates /corrections. *You will need to resubmit the entire report for any new updates/ corrections.
- Ability to Download BOIR transcript upon submission

Click here to file BOIR.

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