Corporation Transparency Act
NEW Requirement For Business Owners In 2024.
Small Businesses will need to register with the Financial Crimes Enforcement Network (FinCEN) in 2024. In 2021, Congress enacted the Corporate Transparency Act. This requires all corporations, Limited Liability Companies, or entities created by filing documents with the secretary of state or any entity registered to do business in state to file a Beneficial Ownership Information (BOI) report on the FinCEN website.
The regulation is set to take effect on January 1, 2024. The filing deadline for entities created before January 1, 2024 is January 1, 2025. If the entity was created after this date the filing deadline is within 90 days of creation. The penalty to failure to comply is $500 per day up to $10,000. Beneficial Ownership is any individual who:
- Exercises substantial control over a reporting company
- Own’s or control’s 25% ownership interest of the company
Is your Business a “Reporting Company”? Please look at the below diagram to see if your Business falls under the Mandatory filing requirement.
Information Document:
View and download a PDF of everything you need to know about the Corporation Transparency Act and Benefit Ownership Reporting.
Reporting Form:
If you would like Laser 1040 to complete your Beneficial Ownership Information Report, please use the button below to fill out the form.
Engagement Letter:
Use the form below to fill-out the Laser 1040 Engagement Letter so we can file your BOI form on your behalf.