• Corporate Transparency Act Reporting Requirements Are Coming!

  • Feb 18 2024
  • Length: 5 mins
  • Podcast

Corporate Transparency Act Reporting Requirements Are Coming!

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  • Summary

  • The Corporate Transparency Act's requirement to report the Beneficial Ownership Information (BOI) for businesses to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury. FinCEN can enforce this requirement with criminal and civil penalties, so it cannot be ignored. If you own a small business, including a Limited Liability Company or LLC, then your business entity probably must report. This video sets forth the types of business entities that must report, what they must report, the deadlines for reporting, and the penalties for not reporting. Companies must report the personal information of their beneficial owners, meaning those who have ownership or control over the business. The personal information includes names, dates of birth, and copies of licenses, passports, or other approved IDs. Because the use of the information reported will be limited, the CTA’s reporting requirements will not necessarily undermine asset protection strategies that rely on privacy. However, you can assume that state and federal agencies involved in law enforcement and taxes will have access to this information. Now's the time to review your business documents and tax filings to be sure everything is consistent. If your business existed before 2024, you must submit the required information by the end of 2024.
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