The Corporate Transparency Act is now in effect as of January 1, 2024.

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The CTA is Here - Important Notice for Business Owners

Posted: June 12, 2024


We sent notice last year that this was coming, and it’s now in full effect. Now is the time to act! We are able to assist with a limited number of Corporate Transparency Act ("CTA") filings.  If you would like our assistance and have not already done so, please reach out to engage us as soon as possible. There are significant consequences for late or missed filings.

The CTA went into force January 1, 2024.  The CTA is expected to impact most LLCs, corporations, limited partnerships, and other closely held entities.  This law is part of the federal government’s increasing efforts to combat money-laundering, terrorism, tax evasion, and other financial crimes.

Under current law, all Reporting Companies are required to disclose Beneficial Ownership Information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).  Reporting Companies include entities (i.e., Corporations, LLCs, etc.) that are created by a filing with the Secretary of State or an equivalent office, but there are some exceptions.  Existing Reporting Companies (those formed prior to January 1, 2024) must file their initial BOI reports before the end of 2024.  Reporting Companies formed in 2024 have only 90 days to file their initial BOI reports. There will also be some ongoing filing requirements. 

A BOI report will be required from everyone who: owns or controls 25% or more of a Reporting Company, is a spouse of someone with an ownership interest that is marital property, or who directly or indirectly exercises “substantial control” over the Reporting Company, such as senior officers. This may include beneficiaries and agents of trusts and estates who meet the reporting requirements. Information to be reported includes residential address, date of birth, a copy of state issued identification card, etc.

If you have a business, please consider:

1. Is my business a Reporting Company?
2. Does my business have current and detailed ownership records?
3. Who will file CTA reports for my business?

Additional information regarding the CTA can be found on our website at:  Please check back regularly for updates that may be posted.

[1] Details are subject to change.  This Notice is not intended to be legal advice.

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