Corporate Transparency Act

IMPORTANT UPDATE:  BOI REPORTS MANDATORY AGAIN

Due to a recent decision by the U.S. District Court, beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are back in effect.  The new deadline for reporting is March 21, 2025 for most companies.  For more information, see FinCEN’s notice.  (Updated February 19, 2025)

BENEFICIAL OWNERSHIP INFORMATION REPORT FILING

Effective January 1, 2024, most business companies must now file a beneficial ownership information (BOI) report with the U.S. Financial Crimes Enforcement Network (FinCEN). Unless exempt, new companies must file a BOI report within 30 days after formation. Non-exempt existing companies (formed prior to January 1, 2024) must file by January 1, 2025. If a company has had a change or correction to information on an existing BOI report, an updated or corrected report is required to be filed within 30 days of the change.

Our specialized BOI Report team is ready and able to file your reports with FinCEN and obtain necessary Employee Identification Numbers (EINs) as needed. Sensitive data is securely transmitted directly to our team by way of Capitol Services’ Business Compliance Manager (CapitolBCM), which offers the intuitively designed BOI Report Builder, allowing you to build reports with ease and at your leisure.

PREPARATION TOOLS AND TIPS

• Determine if a company is exempt with our CTA Exemption Wizard.
• Quickly establish beneficial owners using our CTA Beneficial Owner Wizard.
• Save to desktop all required identification images for parties without a FinCEN ID.
• If an EIN is required for your submission, complete and save a fillable EIN Application form.
• See Resources and FAQs below for more information and links to fillable forms.