Beneficial Ownership Interest under the Corporate Transparency Act 📝
Attention to all business owners and stakeholders! (and Officers with control)
The Corporate Transparency Act has introduced new reporting requirements for Beneficial Ownership Interest.
You are required to file an online form with FinCEN for every entity you control
SOME EXCEPTIONS:
1) If it is a bank
2) Certain accounting firms
3) Or if it generates over $5,000,000 in revenue AND has 20 full-time employees.
So when do you file this?
📅 The deadline for this form is 12/31/24 for all entities established before 12/31/23.
For entities formed in 2024, the form is due within 90 days of formation.
The form will request information on any individual with a 25% ownership stake
“OR” any form of control over the entity.
Start compiling a list of all entities you have control over to ensure compliance.
This is a crucial step towards greater transparency in our business environment.
WARNING:
The penalties for not filing or incorrectly filing can be assessed at $500 per day – yikes
Stay informed, stay compliant! 💼
Feel free to reach out to me if you need assistance on filing this or if you are exempt.