Corporate Transparency Act - Update

By Melissa Feldman

Published October 2, 2024

Earlier this year, we announced that a new law, known as the Corporate Transparency Act, requires most private U.S. companies, including corporations, limited liability companies (LLCs), and other forms of business entities, to file a Beneficial Owner Report (“BOI” report) with the Financial Crimes Enforcement Network (“FinCen”).

• For businesses formed before January 1, 2024, the deadline to file the initial BOI Report is January 1, 2025.

  
  

• For businesses formed on or after January 1, 2024, the deadline to file the initial BOI Report is 90 calendar days from the date on which the registration of the company has become effective. 

  
  

• Companies created or registered on or after January 1, 2025 must file a BOI report within 30 calendar days after receiving notice that its registration is effective.

You can file a BOI Report and create a FinCEN ID using the E-filing system.

Click here to E-File

Any individual who is authorized to act on behalf of the reporting company can file a report on behalf of the reporting company.  It is not necessary to use an attorney or a certified public accountant to submit a BOI report to FinCEN. However, reporting companies that need help meeting their reporting obligations can consult with professional service providers such as lawyers or accountants.  We are available to help clients with meeting their obligations under this new law.