The Corporate Transparency Act (CTA), effective January 1, 2024, was established by Congress to limit the anonymity of corporate structures with the goal of combatting elicit financial activities, enhancing national security, and promoting the integrity and fairness of the financial system.[1] The CTA requires millions of newly established and pre-existing businesses (corporations, limited liability companies, and other entities) to submit beneficial ownership information (BOI) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
WHAT DO I HAVE TO DO?
If you own an LLC or Corporation, you are almost certainly required to file a report with FinCEN providing your information as an owner. The report must include the company’s full legal name, any trade name or d/b/a, complete current U.S. address, jurisdiction of formation, and tax identification number. The reports must also include the full legal name, date of birth, complete current address, and the unique identifying number and image of governmental issued identification for the owners. An LLC or Corporation created on or after January 1, 2024, must also include the above information for company applicants. In short, the company applicant is the direct filer (e.g., Hilton Estate and Elder Law, LLC if we helped you create the entity) and/or the individual who directs or controls the filing action when creating or registering a business (i.e, you, the client).
WHEN DO I HAVE TO DO IT?
If your LLC or Corporation was created prior toJanuary 1, 2024, the deadline for filing the reports with FinCEN is January 1, 2025. Any reporting companies created between January 1, 2024 and January 1, 2025, are required to file 90 days from the actual notice of formation or public announcement (whichever comes first). Finally, companies that will be established on or after January 1, 2025, will have 30 days from notification or public announcement of their formation to submit their report to FinCEN.[2]
You can obtain further helpful information and submit your report(s) electronically through FinCEN’s website at www.fincen.gov/boi. Of course, we at Hilton Estate and Elder Law, LLC are here to guide you if you have any questions, concerns, or need additional assistance.