The Corporate Transparency Act went into full effect on January 1, 2024. If you have an entity which was created by filing something with your state’s Secretary of State or similar office, or an Indian Tribe, or a foreign entity registered to do business in the US, you will need to file a beneficial ownership information (“BOI”) report at FinCEN.gov/boi.
For entities that existed prior to this year, you have until the end of the year to file. For new entities created this year (and only for this year), you have 90 to file the BOI. Entities created after the end of this year will have only 30 days to file. If you file, and anything changes in what you filed, you have 30 days – this year or any other year – to file an updated report.
There are penalties. Civil penalties are $500 per day until the missed or incorrect filing problem is corrected. Criminal penalties are a fine of up to $10,000 or two years imprisonment, or both.
There are some providers which will do the filing for you. However, you have to know what they want in the way of info before you hire them to file. If you get it wrong, you have to file a correction within 30 days.
If you need help understanding what info is required, we can help you understand what info you need to provide.