The Corporate Transparency Act (CTA).
Does your entity have to comply with the new reporting requirement with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN)?
Chances are, the answer is YES for most entities.
We want to inform you that starting January 1, 2024, a new regulation, known as the "BOI Reporting Rule," has come into effect under the Corporate Transparency Act. For Reporting companies in existence prior to January 1, 2024, they have until January 1, 2025, to file their initial BOI report.
This rule mandates both domestic and foreign corporations, limited liability companies, and similar entities operating or registered in the United States (referred to as "Reporting Companies") to submit beneficial ownership information (BOI) to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).
Under the BOI Reporting Rule, Reporting Companies are required to file reports, commonly referred to as "BOI reports,1" with FinCEN to ensure compliance with the new regulation.
Note: Failure to report carries penalties, including civil fines of $500 per day until rectified. On top of that, criminal consequences can entail fines up to $250,000, a maximum imprisonment of 5 years, or both.
For filing your BOI report see here.
We appreciate your attention to this matter and encourage you to reach out to our office if you have any questions or concerns.
Contact Samira Amato's law office for assistance with meeting the BOI reporting deadline.