Corporate Transparency Act Report for LLC Owners – Less Than One Month Until the Deadline!

As a reminder, the Corporate Transparency Act (CTA) went into effect on January 1, 2024 and requires that all LLCs submit annual beneficial ownership reports to the Financial Crimes Enforcement Network (FinCEN). If your LLC was created or registered prior to January 1, 2024, you have until January 1, 2025, to file your BOI report.

Beneficial Ownership Reports

Under the CTA, every entity that meets the definition of a “reporting company” will be required to file a beneficial ownership information (BOI) report. LLCs fall under the CTA’s definition of a reporting company. Therefore, unless an exemption applies, every LLC in the country will have to file a BOI report.

Certain corporate entities, such as statutory trusts, business trusts, or foundations, may also be deemed reporting companies, but only if the entity was created by the filing of a document with a secretary of state or similar office in a U.S. jurisdiction that requires such a filing.

Additional Reporting Deadlines

If your LLC was created or registered on or after January 1, 2024, and before January 1, 2025, you must file a BOI report within 90 calendar days after receiving notice that your LLC’s creation or registration is effective, whichever is earlier. If you form an LLC on or after January 1, 2025, you must file a BOI report within 30 calendar days after receiving notice that its creation or registration is effective.

If you have questions or need more information, contact the firm’s Corporate Transactional Practice Group specialists, Emily K. Montagna, Esq. via email here, or Keith A. Krauss, Esq. via email here.