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Checks and Balances no Tag
Checks and Balances no Tag

How The New BOI Reporting Impacts Business Owners

  • Blog, For employers

The Corporate Transparency Act (CTA) was enacted as part of the National Defense Act for Fiscal Year 2021. The CTA mandates that millions of entities report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This resource is meant to provide a preliminary overview of the provisions in the CTA.

 

Please consider the following:

  • If your entity was created before January 1, 2024, then do nothing now. You have until January 1, 2025, to file the BOI report. We will follow up during the year and let you know if there are changes to the requirements and explain how you should proceed.
  • If your entity is/was created after January 1, 2024, you have 90 days to submit your BOI report. The 90 days begin when the entity is created on the Secretary of State’s website. We have included the step-by-step instructions with this email. If you have any questions, please get in touch with me.
  • If your entity is created after January 1, 2025, you have 30 days to submit your BOI report. The 30 days begin when the entity is created on the Secretary of State’s website. We have included the step-by-step instructions with this email. If you have any questions, please get in touch with me.
  • If any of the BOI-reported information changes after filing the initial BOI report, the reporting entity has 30 days to submit an updated BOI report. Updated BOI reports will be filed in the same manner as the step-by-step instructions included in this email.

 

Find out more in the BOI CTA FAQs, including:

  • Who is required to report under the CTA’s BOI reporting requirement?
  • When must companies file?
  • What information do companies need to report?
  • What are the penalties for non-compliance with the statute?

 

Please contact me if you have any questions about this new update.

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