The Corporate Transparency Act (CTA)
No, the Corporate Transparency Act (CTA) isn’t a new TV drama, but it might feel like one if you miss the filing deadlines—it’s got suspense, high stakes, and, unfortunately, real-life consequences. Starting in 2024, businesses—including those sleek LLCs you set up for estate planning—are required to file a Beneficial Owner Information Report (BOIR) with FinCEN. And this isn’t just busywork; the report demands specifics, naming individuals who own 25% or more of the company or exercise substantial control over it.
Here’s the breakdown: If your company existed before 2024, your filing deadline is looming—January 1, 2025. If you formed a company in 2024, you’ve got 90 days from the formation date. Companies formed in 2025 or later? You’ll need to file within 30 days of creation. But be warned: missing the deadline isn’t just a slap on the wrist. The penalties are steep and could easily rival an unexpected tax bill, with fines of up to $500 per day and potential criminal charges if non-compliance is deemed intentional.
So, what’s the moral of the story? File on time or face the music—and it won’t be a melody you enjoy. The rules may seem straightforward, but navigating the filing process, identifying beneficial owners, and ensuring compliance can quickly get complicated. That’s where we come in.
Contact our office today to ensure your company meets the BOIR filing requirements seamlessly. We’ll handle the details so you can avoid penalties, focus on your business, and breathe easy knowing your compliance is in expert hands. Don’t wait until the deadline is too close for comfort—reach out now!
