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Important

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. The requirements under these new guidelines have been evolving – we recommend you contact your advisor for more specific information as it applies to you and your business.  Additional information follows:

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The Corporate Transparency Act (CTA) was enacted into law on January 1, 2021, requiring certain new and existing companies to disclose information about their beneficial owners to the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).


Any domestic reporting company created or registered before January 1, 2024, must file the beneficial ownership information ("BOI Report") with the FinCen before January 1, 2025.


Any domestic reporting company formed on or after January 1, 2024, must file within 90 calendar days of its formation.


Entities created or registered on or after January 1, 2025, will have 30 calendar days to file their BOI report with FinCen.


Unless an exception applies, this impacts all state registered companies, including single-member LLCs.
Some notable exceptions to this new reporting requirement are:

  • Publicly traded companies registered with the SEC

  • Tax exempt entities

  • Large operating companies (defined as an entity with more than 20 full-time U.S. employees and a U.S. office that reported more than $5,000,000 in gross receipts on its prior federal income tax return or information return, excluding foreign-source gross receipts)


If there is a change to previously reported information about the reporting company or its beneficial owners, an updated report must be filed within 30 days of the change. The penalties for willfully failing to file both initial and updated reports are steep - up to $500 per day that the report is late, up to $10,000 and imprisonment for up to two years.


Consider consulting with legal counsel if you have any questions regarding the applicability of the CTA's reporting requirements and issues regarding the collection of relevant ownership information.
For additional information go to https://www.fincen.gov/boi

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