The Corporate Transparency Act (CTA) requires businesses to file Beneficial Ownership Information (BOI) with FinCEN to enhance transparency and combat illicit activities like money laundering and fraud.

Who Must File?
Starting January 1, 2024, most domestic and foreign corporations, LLCs, and entities created through government filings must submit a BOI report. Exemptions apply to entities with:

• 20+ full-time U.S. employees.
• Over $5 million in gross receipts or sales.
• A physical operating presence in the U.S.

Required Information
Reports must include details for each “beneficial owner” (anyone owning or controlling 25%+ of the entity):

• Full Legal Name.
• Date of Birth.
• Residential or Business Address.
• Unique identifier (e.g., driver’s license or passport number).

Deadlines

• New entities: File within 30 days of formation (starting January 1, 2024).
• Existing entities: File by January 1, 2025.
• Updates/corrections: File within 30 days of changes.

How to File
Submit filings electronically via FinCEN’s online portal. Visit fincen.gov/boi for details.

Penalties
Non-compliance can result in fines up to $500/day and imprisonment.

Take Action
Prepare now to meet filing deadlines. PLEASE CALL WEISS LLP FOR MORE INFORMATION.