Deadline: January 1, 2025
If you are self-employed, own your own business, or have an LLC, please read this important update.
What You Need to Know
Starting January 1, 2024, many businesses, including single-member and multi-member LLCs, C corporations, and S corporations, must comply with the Corporate Transparency Act (CTA) by filing Beneficial Ownership Information (BOI) reports.
This requirement is administered by the Financial Crimes Enforcement Network (FinCEN) to create a centralized database of companies’ beneficial ownership information for use by law enforcement. This is not related to the IRS or your tax filings.
Who Must File?
- Most businesses, including single-member LLCs, even if treated as disregarded entities for income tax purposes, are required to file.
- Businesses must comply by submitting their BOI reports no later than January 1, 2025.
For detailed information, visit fincen.gov/boi.
How Do You File Companies are able to complete this requirement themselves for FREE by going to www.fincen.gov/boi. Be wary of websites requiring payment for filing to complete the beneficial ownership report.
Resources
BOI – Small Entity Compliance Guide
BOI – FAQ
Disclaimer: This post is informational only and not legal advice. For specific questions about your business, consult a legal or financial professional.
