Attention Business Owners

You must report your business' ownership information to the federal government by December 31, 2024, or face steep penalties.

Corporate Transparency Act (CTA) Compliance Guide

The Corporate Transparency Act requires certain business entities to disclose information about their beneficial owners to comply with federal anti-money laundering efforts. Failure to file can result in penalties, so it's crucial to understand these requirements and act promptly. The filing deadline is December 31, 2024, for existing corporations, while new corporations must file within 90 days after incorporation.

Who Must File

The CTA applies to "reporting companies," including:

• Domestic Entities: Corporations, limited liability companies (LLCs), or any entity created by filing a document with a secretary of state or similar office under state laws or the laws of an Indian tribe.
• Foreign Entities: Corporations, LLCs, or other entities formed under foreign laws but registered for business in the United States.

Some entities are exempt from reporting, including:

• Publicly traded companies
• Banks, credit unions, and certain other regulated financial institutions
• Investment companies, insurance companies, and certain tax-exempt entities
• Large operating companies meeting specific size and activity requirements
• For a complete list of exemptions, consult FinCEN's Beneficial Ownership Information Reporting Rule Fact Sheet.
• This is a one-time filing, which must be amended if there is any change to the ownership information.

When Is the Deadline

The required filing deadlines are:

• Existing Entities (formed or registered before January 1, 2024): Must file by December 31, 2024.
• New Entities (formed or registered on or after January 1, 2024): Must file within 90 days of formation or registration.

How to File

You can file directly for free on the BOI E-Filing website at https://boiefiling.fincen.gov.

Many websites will file for you for a fee, including this one.

You will need:

• The full legal name of each beneficial owner
• Date of birth
• Residential or business address
• A unique identifying number from an acceptable ID (e.g., passport or driver's license)
• A copy of your identifying document



Cost to File

The preparation fee for filing a Beneficial Ownership Information Report is $200 for a report with up to 6 owners. Please complete the attached form and send it along with your payment. The turnaround time is two business days.

Staying on top of these requirements ensures your business complies with the Corporate Transparency Act. Please submit your report on time and keep your information current so you don't have to worry about penalties.