Initial Beneficial Ownership Information Reports Filing Deadline – January 1, 2025

December 4, 2024

Breaking Update

            U.S. District Court Judge Amos Mazzant, sitting in the Eastern District of Texas issued a nationwide injunction against the enforcement of the Corporate Transparency Act.  As of December 3, 2024, the January 1, 2025 deadline is not in effect.  We will provide further updates as the case progresses.

 

Initial Beneficial Ownership Information Reports Filing Deadline – January 1, 2025

            If you are an owner of a limited liability company, corporation, or other business entity, you are most likely subject to the Corporate Transparency Act (the “CTA”) and are required to file a Beneficial Ownership Information Report (“BOI Report”) with the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) by January 1, 2025.  Failure to comply with the requirements of this statute could result in fines of $500 per day, and criminal penalties including imprisonment.

            The CTA requires that all US companies, and all foreign companies authorized to do business in the United States, provide specific and personally identifiable information about the entity and its beneficial owners to FinCen.  There are 23 categories of companies that are exempt from filing reports with FinCen.  Most companies will be required to file a report with FinCen by the end of 2024.

            Addition information, and access to the filing system can be found on FinCen’s website: https://www.fincen.gov/boi

            If you have questions about whether you are required to file or would like assistance filing the BOI Report please contact Cristin Keegan, Esq. at ckeegan@beattielaw.com and we will assist you with completing the BOI Report through a third-party service.

            It is estimated that tens of millions of companies are required to file by the January 1, 2025 deadline and early filing is recommended to avoid any potential issues.