Hello Chamber Members, 

We want to make sure you are aware of a new 2024 requirement created by the Corporate Transparency Act about Beneficial Ownership Information (BOI) reporting.  This information & more can be found at ONLINE and on the BOI Key Questions Fact Sheet.

Here is what you need to know:

What is it?
The Corporate Transparency Act requires filing Beneficial Ownership Information reports with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury. The purpose of this act is to “help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.”

The new requirements under the law are for corporate entities including:

• Corporations – C-Corp, S-Corp, Partnerships, Corporations, etc.
• Limited Liability Companies – LLC, PLLC, etc.
• Other entities that were created by the filing of a document with the secretary of state or similar office under the laws of a State or Indian Tribe as well as those formed under the laws of a foreign country and registered to do business in the United States by the filing of a document with the secretary of state or similar office under the laws of a State or Indian Tribe

When is it due?
These new filing requirements go into effect as of January 1, 2024. The filing deadline for entities which existed prior to January 1, 2024, is January 1, 2025. The filing deadline for entities formed on or after January 1, 2024, has been extended to ninety days from the date of formation for those entities formed in the calendar year of 2024.

Who can help me with this?
The best person to help you with Beneficial Ownership Information reporting is your attorney or the legal service used to create your corporate entity.  For a list Attorneys, please visit: our Member Directory.

What happens if I am late or do not file?
Failure to comply with the requirements of this new federal law can result in steep civil and even criminal penalties.