The Corporate Transparency Act of 2024, is a new federal law intended to prevent illegal activities such as money laundering and tax fraud.
Under this law, many businesses, regardless of size, are now required to report what is called Beneficial Ownership Information (BOI) to the government. Existing businesses will need to report by January 1, 2025 while new businesses will have only 30 calendar days to report with The Financial Crimes Enforcement Network (FinCen).
You will also need to report any updates to BOI within 30 calendar days after a change occurs. If you are an owner in a business, we recommend that you review this website: www.fincen.gov for additional information.
In accordance with guidance from professional associations and insurance carriers, our offices will NOT be assisting with any of this compliance, as it is considered a legal matter and civil penalties may be assessed for violating any requirements.
We urge you to consult with your attorney as soon as possible if you need assistance with filing or have questions about this new law. With this deadline quickly approaching, you will want to give your attorney adequate time to properly advise and assist.