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In a recent article, Marcella Barganz, Matthew Bisanz, Adam Kanter, and Brad Resnikoff of Mayer Brown discuss a new guidance issued by FinCEN that would dramatically expand the BOI reporting requirements under the Corporate Transparency Act (CTA) to include certain dissolved entities. This guidance mandates that even entities dissolved or ceased to exist after January 1, 2024, must file BOI reports.   This new rule highlights the complexities of compliance, especially for dissolved entities with unclear instructions on who should file the reports and what information is required. It's a reminder of the evolving regulatory landscape and the importance of staying informed to avoid potential pitfalls.   Remember, every corporation, LLC, or other entity created by the filing of a document with a Secretary of State or similar office under the law of a state is required to file a BOI report by December 31, 2024, unless it qualifies through at least one exemption. If an entity does not file before December 31st 2024 they may be subject to civil penalties of up to $𝟱𝟬𝟬 for 𝗘𝗔𝗖𝗛 𝗗𝗔𝗬 that the violation continues.   Our highest-ranking proprietary platform contains value-added features and empowers you to complete and file validated reports in the quickest, most intuitive, and least stressful manner.   Click the link in the comments to read more and to see how FinCEN Filing Agents can completely streamline your BOIR filing process. #FileWithConfidence #BeneficialOwnership #Compliance #FinCEN #BusinessOwner

📢 Making Sense of Beneficial Ownership Reporting (BOIR) Under the Corporate Transparency Act 📢 Starting January 1, 2024, a new federal law called the Corporate Transparency Act (CTA) is in force which requires certain businesses to report information about their "beneficial owners" to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury Department. The CTA defines a "reporting company" as any corporation, LLC, or similar business entity that was created or registered to operate in the U.S. by filing paperwork with a state government office (like the Secretary of State). These reporting companies will need to submit their beneficial ownership information directly to FinCEN through their online portal. The CTA has a lot of complex details, like key definitions, exemptions, reportable data, and penalties. But don't worry - FinCEN has some helpful resources to guide you: - General CTA Info: https://lnkd.in/eg5QNQXp - Fact Sheet on the Reporting Rule: https://lnkd.in/ejQj--74 - FAQs: https://lnkd.in/ehJnkgex - Contact Page: https://lnkd.in/edguW8fP If you have any other questions about meeting the CTA's requirements for your business, feel free to reach out to our team at 📞 (203) 864-4090 or ✉ team@BOIAgent.com. We're here to help! Just keep in mind that this overview is for general information only - it's not a substitute for professional legal advice. Be sure to consult an attorney for guidance specific to your situation. #CorporateTransparencyAct #BeneficialOwnership #BeneficialOwnershipReporting #FinCEN #LegalCompliance #BusinessReporting #FederalRegulations #BusinessLaw #ComplianceManagement #RegulatoryUpdates #LLCs #Corporations #BusinessRegistration #USTreasuryDepartment #FinancialCrimes #BusinessCompliance #BOIReporting #BOIRequirements #BOIRule

January 1, 2025, is around the corner. Existing domestic and foreign reporting companies—those created or registered to do business in the U.S. prior to January 1, 2024—have only until this date to file their initial beneficial ownership information (BOI) report with FinCEN under the Corporate Transparency Act. If you’ve been too busy to complete your filing, or even to figure out which individuals associated with your organization qualify as beneficial owners, it’s not too late to make a timely filing. But you can’t afford to wait any longer. Spare your company the fines and penalties that can result from failure to file your initial BOI report on time. Call the attorneys at Bridge Law LLP. We can help you determine your reporting requirements and get into compliance on time. 📞714-525-2400 https://lnkd.in/gsMBYqfA #corporatetransparencyact #CTA #beneficialownership #BOI #reporting #FinCEN #deadline #reportingcompany #fines #penalties #compliance #attorney #lawfirm

Subject: Important Update on Beneficial Ownership Reporting Requirements We wish to inform you of significant developments regarding the enforcement of Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). On December 23, 2024, the Fifth Circuit Court of Appeals granted FinCEN’s appeal, lifting the nationwide injunction that had halted BOI reporting requirements. This decision reverses the federal district court’s December 3, 2024, ruling, which had raised constitutional concerns and temporarily suspended the filing requirement. Following the Department of Justice’s (DOJ) appeal on December 5 and an emergency motion on December 13, the Fifth Circuit’s decision reinstates the obligation for companies to file BOI reports. While the original filing deadline was January 1, 2025, FinCEN has extended the deadline to January 13, 2025, to accommodate the recent developments. We strongly recommend monitoring this matter closely and ensuring compliance within the updated timeline. If you have any questions or require assistance, please do not hesitate to contact our office at (787) 691-0107 or juan@etrendsgroup.com.

In one of our recent posts, we explored some of the new aspects of FinCEN's updated Corporate Transparency Act. Today, we want to delve deeper into the characteristics that define an exempt entity. There are 23 exemptions to FinCEN’s new Beneficial Ownership Information (BOI) reporting requirement. If your entity (even, potentially, if it was dissolved earlier this year) DOES NOT meet one of these exemptions, you will NEED to file a BOI report by the end of 2024. Remember, every corporation, LLC, or other entity created by the filing of a document with a Secretary of State or similar office under the law of a state is required to file a BOI report, unless it qualifies through at least one exemption. If an entity does not file before December 31st, 2024, they may be subject to civil penalties of up to $𝟱𝟬𝟬 for 𝗘𝗔𝗖𝗛 𝗗𝗔𝗬 that the violation continues. Our highest-ranking proprietary platform contains value-added features and empowers you to complete and file validated reports in the quickest, most intuitive, and least stressful manner. Click the link in the comments to read more and to see how FinCEN Filing Agents can completely streamline your BOIR filing process. File with Confidence! #FileWithConfidence #Accounting #CPA #SmallBusiness #IRS #BeneficialOwnership #Compliance #FinCEN #BusinessOwner

There are a few important updates to Beneficial Ownership Reporting (BOI). 🤔 - Here's what you should know! ⬇️ #TeamSuttle #WV #CPA #PublicAccounting

The Corporate Transparency Act aims to increase accountability, but with it comes a complex compliance process. Our upcoming CLE session will equip you with the knowledge to evaluate whether your business needs to report, identify exemptions, and understand amendment obligations. Hear from experts with real-world experience to gain practical insights. Secure your spot today: [https://lnkd.in/eADNN6H2] #BusinessCompliance #LegalEducation #BOIReporting #FinCEN

🚨 Reminder for Texas Business Owners: New Reporting Requirements Under the Corporate Transparency Act (CTA) Starting January 1, 2024, many U.S.-based entities, including corporations and LLCs, must file a beneficial ownership information (BOI) report with FinCEN, a bureau of the Department of Treasury. This new requirement under the CTA aims to promote financial transparency, and non-compliance could lead to significant penalties. Who needs to file? If your entity was created or registered in the U.S. by filing with a secretary of state or similar office, you may be required to file. However, there are some exemptions—so it’s essential to confirm whether this applies to you. Key Points to Remember ✅ BOI reports must be submitted directly to FinCEN via its Beneficial Ownership Secure System (BOSS). ✅ The Texas Secretary of State is not responsible for BOI filings. ✅ Penalties for non-compliance include civil and criminal consequences. If you have questions about your obligations under the CTA or need assistance to ensure timely compliance, consider reaching out to a qualified attorney. Don’t wait until the deadline approaches—start preparing now to avoid last-minute issues! #CorporateTransparencyAct #CTA #BusinessCompliance #TexasBusiness #Compliance #law #business

🚨 Breaking News: Corporate Transparency Act Deadline Update 🚨 The 5th Circuit has stayed the injunction against the Corporate Transparency Act (CTA), which means filing deadlines are back in effect. Businesses must now be ready to meet the January 1, 2025 deadline to file Beneficial Ownership Information (BOI) reports with FinCEN. Non-compliance could result in significant penalties, so it's critical to act now. For accountants, attorneys, and business consultants, this is a pivotal moment to support your clients and ensure they're prepared to meet these federal requirements. At FileForms, we're here to help with streamlined, secure solutions to make compliance simple. Don't wait—ensure your business or your clients are ready for this essential filing. Check out our recent blog post with everything you need to know to get compliant and inform your clients and fellow business owners! https://lnkd.in/eiwMm-ka #CorporateTransparencyAct #BOIReporting #Compliance #FinCEN #BreakingNews

Holiday Surprise: CTA deadline paused—but businesses can’t afford to slow down. In BG’s latest Client Alert, we break down the nationwide injunction and what it means for Beneficial Ownership Information reporting. Key steps: ✔️ Gather ownership details ✔️ Stay updated ✔️ Be ready when enforcement resumes Need assistance? Our CTA team is ready to support you and your business needs. Check out the post below for more updates and information!