Disclaimer: The following serves as a brief summary of recent changes in law. Refer to the official FinCEN website for complete information.
As a reminder, the deadline is quickly approaching for the Beneficial Ownership Information Report (“BOIR”) mandated under the Corporate Transparency Act (“CTA”). A BOIR must be filed with the Financial Crimes Enforcement Network (“FinCEN”) for legal entities registered in the United States. Failure to meet these reporting requirements can result in civil and criminal penalties.
Requirements. The CTA requires certain types of U.S. and foreign entities to report beneficial ownership to FinCEN. This generally includes LLCs, corporations, and limited partnerships. Trusts are generally NOT filed with a state government and thus are generally NOT reporting companies. There are a few exemptions from the beneficial ownership information reporting requirements. For a list of exemptions, please see Section L of the FinCEN FAQs page, “Reporting Company Exemptions.”
Deadlines. A BOIR is required to be filed according to the deadlines outlined below:
A BOIR is required to be filed before January 1, 2025, for any entity filed (created) prior to January 1, 2024.
A BOIR is required to be filed 90 calendar days from the filing date for any entity filed (created) on or after January 1, 2024, and before January 1, 2025.
A BOIR is required to be filed 30 calendar days from the filing date for any entity filed (created) on or after January 1, 2025.
An updated BOIR is required to be filed 30 calendar days from the change date for any changes made to previously reported information.
Filing Options.
McCullough Law Filing. We recommend our office prepare and file the BOIR if an entity is 1) owned by a trust or 2) held by an entity owned by a trust. The fee for a BOIR is currently $400 per entity, per filing. Note that as the end of the year approaches, prices will increase significantly. Please email CTA@mlutah.com or call (385) 317-0228 if you would like our office to file the BOIR(s).
Self-Filing. A BOIR may be completed through the FinCEN Website at www.fincen.gov/boi. There is no charge for this filing. We recommend reviewing the Frequently Asked Questions prior to filing.
Please reach out to our CTA team at CTA@mlutah.com or (385) 317-0228 with any additional questions.
