The new reporting requirement began January 1, 2024. This is a new law under the Corporate Transparency Act (“CTA”) and will require those who own an LLC and/or other corporation entities to report and disclose ownership information directly to the Financial Crimes Enforcement Network (“FINCEN”), an arm of the United States Department of Treasury.
Unless an exemption applies, this newly enacted requirement will likely affect your business. Certain personally identifiable information (“PII”) will need to be assembled and required to be reported to FINCEN. Penalties may apply for failure to disclose the required information to FINCEN.
- A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
- A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
- A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.
Set up an appointment with a business law attorney online at Bailey Law Firm or call our office at (480) 681-5408 to set up an appointment.