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Corporate Transparency Act Takes Effect with Beneficial

Corporate Transparency Act Takes Effect with Beneficial 2025

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The document outlines the new Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA), effective January 1, 2024. It details who must file, the information required, deadlines for submission, and penalties for non-compliance. The document emphasizes that tax professionals will not provide BOI reporting services and advises clients to seek legal counsel for compliance. It also includes guidance on how to report beneficial ownership information electronically through FinCEN's website.

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Who is affected by the corporate transparency Act?

[Updated March 21, 2025] All entities created in the United States including those previously known as domestic reporting companies and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN.

What is the penalty for not submitting beneficial ownership?

Yes, be aware of BOI filing penalties. A person who willfully fails to comply with BOI reporting may be subject to civil penalties of $500 per day (adjusted for inflation it is now $591 per day) and criminal penalties including a $10,000 fine and/or up to two years of imprisonment.

What happens if I dont file a beneficial ownership information report?

In response, FinCEN issued new guidance extending the deadline to submit initial, updated, or corrected BOI reports for most companies by 30 daysto March 21, 2025.

What if you dont file a beneficial ownership report?

Failure to file may become extremely costly, with civil penalties starting at $500 per day and criminal penalties of up to $10,000 and/or two years in prison.