Important Update for US Companies
As of January 1, 2024, new regulations mandated by the Corporate Transparency Act (CTA) require certain types of corporations, limited liability companies (LLCs), and similar entities to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
Who needs to file?
If your company was created in or registered to do business in the United States, you are most likely subject to these new reporting requirements.
What is a "beneficial owner"?
A beneficial owner is any individual who ultimately owns or controls at least 25% of the company or exercises substantial control over it.
What is the deadline?
If your company was:
Formed before 2024: File by Jan 1, 2025.
Formed in 2024: File within 90 days of creation/public notice.
Formed in 2025 or later: File within 30 days of creation/public notice.
Any changes: Report within 30 days.
How do I file?
You can file your Beneficial Ownership Information (BOI) report online through FinCEN's BOI e-filing system. For detailed instructions and helpful resources, visit the Beneficial Ownership Information Reporting webpage.
Need help with the filing process?
We understand that navigating new regulations can be time-consuming. If you would like assistance completing your BOI report, we are happy to help! Our team can handle the entire process for you for a fee of $50 plus $10 per beneficial owner*. Submit this form, and we'll take care of the rest.
*Additional fees may apply for owners that are flow-through entities.
What are the penalties for non-compliance?
Per FinCEN's FAQ, failing to comply with these reporting requirements can result in significant penalties, including:
Civil penalties: Up to $500 per day for each violation.
Criminal penalties: Up to two years imprisonment and fines up to $10,000.
We're here to support you!
If you have any questions or concerns about the new beneficial ownership reporting requirements, please don't hesitate to contact us. We are committed to helping you stay compliant and avoid potential penalties.
Over and out.
Wilsandra Gomez-Brown, CPA
Principal & Founder of W. Gomez CPA, LLC
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