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Corporate Transparency Act: Beneficial Ownership Information Reporting
We offer streamlined services to ensure the Corporate Transparency Act’s legal requirements are met for the duration of an entity’s existence. Business owners and professionals overseeing their compliance can sign up below to receive notifications about initial and ongoing compliance strategies for the Beneficial Ownership Information Reporting (BOIR) requirements.
Effective January 1, 2024, filing BOIR forms (initial, updated and corrected) with FinCEN is the law and assists the U.S. government in its fight against money laundering and other illicit acts.
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FinCEN Dates Matter
Effective January 1, 2024:
- Businesses formed during 2024 will have 90 days to file initial reports.
- Businesses formed before 2024 will have until January 1, 2025, to file initial reports.
- Businesses formed after 2024 will have 30 days to file initial reports.
- Updated reports are due within 30 calendar days after a change occurs.
- Corrected Reports are due within 30 calendar days after the reporting company becomes aware (or has reason to know) of an inaccuracy.
Noncompliance can mean a penalty of $500/day, as well as a possible felony charge with up to two years in prison.
NOTE: If you correct a mistake or omission within 90 days of the deadline for the initial report, you may avoid penalties.
Step 1: Sign Up for BOIR Updates & More
Sign up today to learn more about filing and maintaining compliant reports. Stay up to date and learn how our legal team can help you in this new and evolving landscape.
Step 2: Create Entity Profiles
Use our streamlined service to create Entity Profiles and find confidence in knowing that a team of business and tax professionals are here to help.
Step 3: Confidently Submit BOI Reports
Submit BOIR documents and get custom-tailored support from our business and tax attorneys for all compliance strategies.
Frequently asked questions
Schedule a call with our team or view some of our Frequently Asked Questions about the Corporate Transparency Act and Beneficial Ownership Information Reports.
Millions of companies in the United States must report information about their beneficial owners, i.e., those individuals who ultimately own or control the company. They must report this Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
- Reporting Companies formed during 2024 will have 90 days to file initial reports.
- Reporting Companies formed before 2024 will have until January 1, 2025 to file initial reports.
- Reporting Companies formed after 2024 will have 30 days to file initial reports.
- Updated reports are due within 30 calendar days after a change occurs.
- Corrected reports are due within 30 calendar days after the Reporting Company becomes aware (or has reason to know) of an inaccuracy.
Noncompliance can mean a penalty of $500/day, as well as a possible felony charge with up to two years in prison.
While FinCEN has expressed that non-lawyers can assist in filing Beneficial Ownership Information Reporting (BOIR) form, non-lawyers still remain unclear as to the scope and nature of assisting clients beyond the mechanical filing of the report. Remember, for millions of Reporting Companies, various components of the process will require careful consideration and application of laws and regulations. At this time, the AICPA and certain insurance providers are advising accounting firms that assistance could be construed as the unauthorized practice of law (UPL).
We actively partner with CPAs and other financial professionals to provide support for their clients' legal needs. Our attorneys support businesses and professionals with a wide variety of compliance activities.
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