11/04/2024
ATTENTION, PLEASE SHARE:
Beginning January 1, 2024, the Corporate Transparency Act requires “Domestic Reporting Companies” (e.g., corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States) to file its initial beneficial ownership information report (BOI). There are exceptions to the reporting requirements.
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report.
A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.
JOHN A. ELDER, IV, ESQ., PLLC’s past or existing representation of your Domestic Reporting Company does not include legal services, advice, consultation or reporting obligations regarding the Corporate Transparency Act or the BOI Form. Respectfully, unless legally retained, our firm shall have no obligations to your Domestic Reporting Company in regards to notifying, updating or monitoring changes that may apply to said Domestic Reporting Company.
Efforts are ongoing to delay, modify and/or void the Corporate Transparency Act requirements, however, as of the date of this post, nothing is finalized. Moreover, a person who willfully violates the reporting requirements may be subject to civil penalties, fines and/or imprisonment.
With that said, JOHN A. ELDER, IV, ESQ., PLLC, is more than happy to assist you with your obligations regarding the Corporate Transparency Act and BOI Form, but you will need to contact our office to schedule an appointment.
For further information and/or assistance, feel free to contact our office (270-321-4429) or email: [email protected].
Also, you may find it beneficial to consult your tax professional.
For more information checkout:
https://fincen.gov/boi
https://fincen.gov/boi-faqs
