A new law, the Corporate Transparency Act (CTA), requires most for-profit entities to file an online report with the Financial Crimes Enforcement Network of the United States Treasury (the report is known as a “Beneficial Ownership Interest Report,” or “BOIR” for short). Generally speaking, each person who (i) owns at least 25% of the ownership interest of a company, or (ii) exercises substantial control over the entity, is a “Beneficial Owner” and must be identified on the BOIR. Each such person must provide a copy of his or her current driver’s license or passport (in which case, the home address is also needed) along with the BOIR.
Companies in existence prior to January 1, 2024 have until December 31, 2024 to file the BOIR. Companies created in 2024 have 90 days from the date of organization/incorporation to file. Companies created in 2025 will have only 30 days to file. The BOIR is a one-time filing, except that the report does have to be updated if and when the information changes. There are substantial civil and criminal penalties for failing to correctly file the BOIR in a timely manner, including imprisonment for up to two years and/or a fine up to $10,000.
You can learn more about the Corporate Transparency Act and its requirements here: https://www.fincen.gov/news/news-releases/us-beneficial-ownership-information-registry-now-accepting-reports (Note: this link opens a website not under the control or approval of Fine & Hatfield, PC). That website also contains a link to the website where you can file the BOIR yourself free of charge.
If you would prefer for Fine & Hatfield, PC to handle your BOIR filing, please contact David Sanders at dds@fine-hatfield.com or Lindsey Albin at Lindsey@fine-hatfield.com .
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