As a result of the 2021 Corporate Transparency Act (CTA), certain business entities may be required to file an initial Business Ownership Information (BOI) report with the Financial Crimes Enforcement Network (“FINCEN”) of the U.S. Department of Treasury. Please let this notice serve as a reminder of the December 31, 2024 deadline to file the initial BOI report for “reporting companies” that were formed or registered prior to January 1, 2024. For “reporting companies” that were formed or registered after December 31, 2023, the deadline to file the initial BOI report is 90 days from the date formed or registered. Failure to comply with the new reporting requirements may result in significant civil or criminal penalties.
In November of 2023, we provided a client alert that included detailed information regarding this new filing requirement that may be helpful as you consider your reporting obligations and timely compliance. Please note that FinCEN has issued updated guidance since our initial client alert which can be found at https://www.fincen.gov/boi.
Although Maillie LLP will not prepare or file these reports with FinCEN or monitor ongoing FinCEN compliance, we have a few third-party service providers who may be able to assist you. Please reach out to your Maillie contact for the third-party service provider list.
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