Corporate Transparency Act Update

Earlier this year, the Corporate Transparency Act, also known as Beneficial Ownership Information Reporting, was put into effect. This law mandates that all limited liability companies and corporations (created or registered before January 1, 2024) must report their beneficial owners to the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. That means the deadline is quickly approaching. 

Newly created or registered companies in 2024 have 90 calendar days to file after business creation or registration. 

Filing is completed online at www.fincen.gov/boi. There is no charge and it should take less than 10 minutes to complete. Beneficial ownership reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.

The deadline to report is January 1, 2025. Failure to report could result in penalties of up to $500 per day of violation. Reach out to your attorney or accountant for more information on the Corporate Transparency Act.