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The Corporate Transparency Act (CTA)
Last updated Sunday, April 7, 2024
In 2021, Congress enacted the Corporate Transparency Act.
This law creates a beneficial ownership information reporting requirement as
part of the U.S. government’s efforts to make it harder for bad actors to hide
or benefit from their ill-gotten gains through shell companies or other opaque
ownership structures.
New Federal Reporting Requirement for Beneficial Ownership
Information (BOI)
New Federal Reporting Requirement for Beneficial Ownership
Information (BOI) Beginning on January 1, 2024, many companies in the United
States will have to report information about their beneficial owners, i.e., the
individuals who ultimately own or control the company. They will have to report
the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of
the Treasury.
Be sure to review FinCEN’s Small
Entity Compliance Guide, which provides information to help small
businesses comply with this reporting requirement.
Who Has to Report?
Companies required to report are called reporting companies.
Reporting companies may have to obtain information from their beneficial owners
and report that information to FinCEN.
Sole-proprietorships that don’t use a single-member LLC are not considered a
reporting company.
Your company may be a reporting company and need to report
information about its beneficial owners if your company is:
·
A corporation, a limited liability
company (LLC), or was otherwise created in the United States by filing a
document with a secretary of state or any similar office under the law of a
state or Indian tribe; or
·
A foreign company and was
registered to do business in any U.S. state or Indian tribe by such a filing.
Who Does Not Have to Report?
Twenty-three types of entities are exempt from the beneficial
ownership information reporting requirements. These entities include publicly
traded companies, nonprofits, and certain large operating companies. FinCEN’s Small
Entity Compliance Guide includes checklists for each of the 23 exemptions
that may help determine whether your company qualifies for an exemption. Please
review Chapter 1.2 of the Guide for more information.
How Do I Report?
Reporting companies will have to report beneficial ownership
information electronically through FinCEN’s
website: www.fincen.gov/boi
• The system will provide the filer with a confirmation of
receipt once a completed report is filed with FinCEN.
When Do I Report?
Reports will be accepted starting on January 1, 2024.
• If your company was created or registered prior to January
1, 2024, you will have until January 1, 2025, to report BOI.
• If your company was created or registered on or after
January 1, 2024, and before January 1, 2025, you must report BOI within 90
calendar days after receiving actual or public notice that your company’s
creation or registration is effective, whichever is earlier.
• If your company was created or registered on or after
January 1, 2025, you must file BOI within 30 calendar days after receiving
actual or public notice that its creation or registration is effective.
• Any updates or corrections to beneficial ownership
information that you previously filed with FinCEN
must be submitted within 30 days.
FinCEN cannot accept
reports before January 1, 2024.
Where Can I Learn More?
You can find guidance materials and additional information by
scanning the QR code or visiting www.fincen.gov/boi
The beneficial owners must report to FinCEN their name, date of birth, address,
and unique identifier number from a recognized issuing jurisdiction and a photo
of that document. If an individual decides to file their information to FinCEN directly, they may be issued a
“FinCEN identifier” which can be provided on a BOI report instead of the
required information.
This FAQ is explanatory only and does not supplement or
modify any obligations imposed by statute or regulation. Please refer to the
Beneficial Ownership Information Reporting Regulations, available at www.fincen.gov/boi, for details on
specific provisions. For a more detailed FAQ please visit https://www.fincen.gov/boi-faqs
For complete information, please refer to the U.S. Department of the Treasury’s Financial
Crimes Enforcement Network (FinCEN)
Nevada
Commercial Registered Agent
Entity # E0502742015-6
NV Business ID NV20151637034
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© 2024 Marc Gohres
Revised April 7, 2024 10:24 AM
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