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:
Filing Options.
Please reach out to our CTA team at CTA@mlutah.com or (385) 317-0228 with any additional questions.