Starting 1/1/2024, Small Business Owners Must Start Reporting To FinCen or Face Fines.
The Corporate Transparency Act, (CTA) goes into effect on January 1st, 2024. It requires “beneficial owners” of “small businesses” (less than 500 employees) to report their personal information to the Financial Crimes Enforcement Division of the Department of Treasury (FinCEN). Beneficial owners are identified by the CTA as individuals who exercise substantial control over a registered entity (i.e., LLC or Corporation), own 25% or more of the registered entity, or receives substantial economic benefits from the assets of the registered entity.
The law applies to all new corporations and LLCs formed after the effective date, as well as to existing companies. There will be some exceptions, however, including publicly traded companies, certain financial institutions, and government agencies.
Everyone is required to update any changing information, when it occurs. This includes things such as updating your address, should you move, or your name should you marry and change your name. This also includes, of course, changes to ownership information of the company, address changes should the company move or expand into other states, and more.
With the possibility of daily fines and jail time, no one wants to find out they have missed deadlines or misunderstood the intent of the law.
Law 4 Small Business is here to help!
Are you unsure if your business needs to report Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA)? Visit our website at: and use our free, anonymous expert system to learn if your business and owners need to report to FinCEN.
Want even more help? Our Law Firm will submit your BOI report as required by FinCEN and the Corporate Transparency Act for only $49.99, plus $9.99 for each Beneficial Owner.
Want to talk to an attorney? Consult with an actual attorney about BOI reporting under the Corporate Transparency Act and get all of your questions answered today!
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