Breaking News:
Published December 12th, 2024:
The Corporate Transparency Act (CTA), enacted in January this year, means most businesses in the U.S. must report to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), certain information about individuals who directly or indirectly own and control them. Beneficial Ownership Information, or BOI Reports, must be submitted electronically through a secure filing system on FinCEN’s website. The filing deadlines for an initial BOI Report depend on when a Reporting Company was formed:
- Reporting Companies formed before January 1, 2024, must file their initial BOI Report by January 1, 2025.
- Reporting Companies formed between January 1, 2024, and December 31, 2024, must file their initial BOI Report within 90 days from the Reporting Company’s effective date of formation.
- Reporting Companies formed on or after January 1, 2025, must file their initial BOI Report within 30 days of the Reporting Company’s effective date of formation.
Before you file …
If your Reporting Company was formed before January 1, 2024, your deadline’s coming up. Now is the time to reach out to your Practus, LLP attorney for guidance and help with the filing process.
Learn more about the CTA
For a more detailed explanation of the CTA and its mandatory disclosure requirements, please see our previous post, Client Alert: Is your business ready for the Corporate Transparency Act? and FinCEN’s FAQs about Beneficial Ownership Information.Should you have any questions about the CTA and its applicability, please contact the author of this alert or your Practus, LLP attorney.
