Corporate Transparency Act

Effective January 1, 2024

As of January 1, 2024 the Financial Crimes Enforcement Network’s (FinCen) Corporate Transparency Act (CTA) went into effect. The CTA requires many entities formed or registered in the United States to report information about their beneficial owners. Existing companies are required to submit a Beneficial Ownership Report to FinCen before December 31, 2024. New companies formed in 2024 must file within 90 days of creation. There are both civil and criminal penalties associated with noncompliance of the CTA, including potential fines of up to $10,000 and possible jail time.

Congress enacted the bipartisan CTA to curb illicit finance. The purpose of the law is for the U.S. government to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

Senawi Law, PLLC will not be filing BOI reports for existing or future clients. Determining whether you need to file and who needs to file can be time consuming and confusing.

In order to assist you with this, we recommend using BOI Compliance, LLC. BOI Compliance has created a fast, efficient, and user friendly way to comply with the new law. For more information and to file your report, please visit www.boicomp.com.

Receive $25.00 off your filing fee. Use Promo Code: DAVID