You may have seen our previous special alerts and seen the news reports regarding the new reporting requirements under the Corporate Transparency Act (“CTA”) that affects limited liability companies, limited partnerships, corporations, and other business entities. The CTA mandates that reporting companies disclose specific details about the business and its owners to the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). This beneficial ownership information (“BOI”) must be provided by the deadlines. For entities created before January 1, 2024, reports are due by January 1, 2025. Entities created this year will have 90 days to report.
Information required from the reporting company includes:
- Legal Name
- Trade name or dbas
- US street address
- State of Jurisdiction
- Tax Identification Number
- Information on every owner*
The information required from each owner includes:
- Full legal name
- Date of birth
- Street address (no PO boxes allowed)
- State DL number and image of the identifying document
*in community property states a spouse is considered a partial owner even if NOT listed in the company documents
We anticipate an overwhelming volume of reporting requests at the end of the year, and we have concerns that we may not be able to assist all requests. Your CPA or other professional advisor may have filled out this report on your behalf but if not please contact us as soon as possible as the deadlines are here.
If you want to accept this responsibility and self report here is the link https://boiefiling.fincen.gov/.
If you want to engage our firm for filing the initial report, please email us and ask for the BOI Report Worksheet and the engagement agreement at [email protected] or call at 512.263.5400.
Thank you,
Thrash, Carroll & Vanway Law Group