As you may be aware, a federal law known as The Corporate Transparency Act (the “CTA”) became effective on January 1, 2024. This law impacts nearly all small businesses operating through a legal entity such as a corporation, LLC, or limited partnership.
The CTA requires every non-exempt reporting company to file a beneficial ownership report (“BOI”) with the Financial Crimes Enforcement Network (“FinCEN”). If you are an owner, officer, or manager of a business entity, you may be required to take action.
If your entity was formed prior to January 1, 2024, your BOI must be filed with FinCEN on or before December 31, 2024. If your entity was formed after January 1, 2024, your BOI must be filed within 90 days from the date the entity was formed. If you do not comply with these requirements, you may be subject to fines and other penalties.
Please be aware that the CTA reporting requirements are not included in our current scope of work if you are a current client. This notice is intended to notify you of the new federal law and its requirements. If you would like us to advise you on your compliance obligations and assist you with your filing, you will need to execute a retainer agreement with us that covers a CTA scope of work. We would be happy to help you in determining what CTA requirements apply to your business and submitting the necessary filings on your behalf. If you are interested in retaining us to assist you with your CTA reporting requirements, we generally charge a flat fee.
Please contact us immediately if you would like to retain us for assistance with your CTA reporting requirements. If you have any questions, or would like additional information, please <a href=”tel:312-441-5800″>contact us</a> at your convenience.