Corporate Transparency Act (CTA) Requirements effective Jan 1, 2024

The Corporate Transparency Act (CTA) is a federal mandate that requires certain businesses entities to report any beneficial owners to FinCen.

Who has to file?

LLCs, S-Corporations, Partnerships, C-Corporations, and some Non-Profits

What do I need to file?

• Full legal name if business

• DBAs 

• US address

• State jurisdiction

• EIN or TIN

 Types of Fillings

• Initial Report

• Correction

• Updater of prior report

Beneficial Owner Info

• Full legal name

• Date of birth

• Current address

• Drivers license, passport, ID number

• Copy of document above

How do I file?

• https://fincenid.fincen.gov

• Create FinCen account

• Navigate to https://boifiling.fincen.gov 

• Complete required information and submit initial filling

When is the deadline?

• Company created before Jan 1, 2024 | Deadline is January 1, 2025

• Company on or after Jan 1, 2024 | Deadline is 90 days following official creation date

Are there any “failure to file” penalties?

• Civil penalty up to $591.00 each day they violation continues

• Possible Criminal penalties up to 2 years in prison

• Possible fine up to $10,000.00

*****This post DOES NOT include all relevant information. For more information visit https://www.fincen.gov/boi-faqs *****