Corporate Transparency Act update

By Leisa Boley Hellwarth

I try to avoid repeating a topic, unless there is a new development. This column is an exception. The Mid-January 2024 column discussed the new Corporate Transparency Act, also known as Beneficial Ownership Information Reporting. This law mandates that all limited liability companies and corporations, created or registered before Jan. 1, 2024, must report their beneficial owners to the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. That means the deadline is a little over three months away.

Filing is online at www.fincen.gov/boi. There is no charge. It should take less than ten minutes to complete.

Several of the social media sites have posted tutorials going through the steps to properly file. Find these using the search button for the site you prefer.

What will a reporting company have to disclose about itself? (1) its legal name; (2) any trade names such as d/b/a; (3) the current street address of its principal place of business; (4) its jurisdiction of formation; and (5) its Taxpayer Identification Number.… Continue reading