The Corporate Transparency Act (CTA) mandates that millions of entities report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN), including all new entities formed in 2024 and beyond.
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, then you have 90 days to submit your BOI report. The 90 days begin when the entity is created on the Secretary of State website. We have included the step-by-step instructions with this email. If you have any questions, please contact our office 203-933-1679.
- If your entity is created after January 1, 2025, then you have 30 days to submit your BOI report. The 30 days begin when the entity is created on the Secretary of State website. We have included the step-by-step instructions with this email. If you have any questions, please contact our office 203-933-1679.
- If any of the BOI reported information changes after filing the initial BOI report, then 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 with this email.
FAQs – Your Company Impact
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?
Previously, information about the Corporate Transparency Act was shared on our blog, in newsletters, and on social media. Now, however, is the time to act.
Please contact us or schedule a call with me if you have questions about this update.