01/02/2025

[Duplicate] Corporate Transparency Act Filing Requirements Reinstated

Corporate Transparency Act Filing Requirements Reinstated: Act Now

The Corporate Transparency Act (CTA) filing requirements have been reinstated after a Dec. 23rd court ruling that will require millions of small business owners to register with the Financial Crimes Enforcement Network, or FinCEN, by mid-January, or potentially pay fines of up to $10,000.

The registration rule had been on hold since Dec. 3rd, when a federal court in Texas issued a preliminary injunction prohibiting its enforcement. But on Monday, the 5th U.S. Circuit Court of Appeals lifted the order, ruling that the decision is in the "public's urgent interest in combating financial crime and protecting our country's national security."

Most filings will now be due January 13, 2025 instead of the December 31, 2024 prior deadline. The bottom line is that any entity classified as a “reporting company” under the CTA has to file with the Financial Crimes Enforcement Network of the Treasury (FinCEN). Each reporting company will have to file Beneficial Owner Information (BOI) for each person deemed a beneficiary owner (BOs).      

The reporting rule is the CTA's Beneficial Ownership Information reporting requirement, or BOI, which mandates small businesses to register the following with FinCEN, according to the U.S. Chamber of Commerce.

Corrected Link: BOI E-FILING

What you will need:

• Your company's full legal name.
• Its business address (P.O. boxes or lawyers' offices aren't accepted, the Chamber of Commerce says).
• The state where the company was formed or first registered.
• A taxpayer identification number and an identity document, such as a filed Articles of Incorporation.
• Beneficial owners' full legal names and birth dates.
• Beneficial owners' home addresses.
• A photocopy of beneficial owners' U.S. driver's license or passport.      

AOA has created a helpful resource with a compliance guide that can be found at New federal Corporate Transparency Act: What optometric practices need to know to comply 

Please also visit the US Chamber of Commerce at Corporate Transparency Act — What You Need to Know | CO- by US Chamber of Commerce