Beginning on January 1, 2024, The Corporate Transparency Act (CTA), will impose new reporting obligations upon millions of companies doing business in the United States.
Companies formed or registered before January 1, 2024, have until January 1, 2025 to file the initial Beneficial Ownership Information (BOI) report. For companies formed or registered after January 1, 2024, the initial BOI report must be filed within 90 days of the formation or registration. Companies formed or registered after January 1, 2025, are required to file their BOI report within the original 30-day window.
The CTA imposes steep criminal and civil penalties, and possible imprisonment for non-compliance.
If you would like assistance with this requirement, please schedule an appointment, or read this article from our Content Library.