Overview
In 2024 the federal Corporate Transparency Act (CTA) went into effect. The CTA’s purpose is to help prevent and combat financial crimes such as money laundering, tax fraud, and terrorist financing.
This new requirement impacts organizations noted below, unless qualified for an exemption:
- Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
- Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
*The United States Treasury has officially suspended enforcement of the CTA for U.S. businesses and citizens. To learn more visit the FinCEN website. The BOI report includes the following information:
- Information about the organization, including its name, address, and identification number
- The name, date of birth, and address of each beneficial owner
- An identifying number and issuer from a valid U.S. driver's license, passport, or state-issued ID
- An uploaded image of the identifying document referenced above
Failure to submit a required report can result in a fine of $500 for each day the report is late (up to $10,000) and/or imprisonment for up to two years.
*Important Update
The U.S Treasury has officially suspended enforcement of the CTA for U.S. businesses and citizens. Read the
official announcement here.
According to FinCEN, "Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies."
More information can be found on
FinCEN's website.
The following options are available for filing:
Submit your BOI report via our cloud-based filing application
HERE. To assist clients in meeting this requirement, we are offering a cloud-based solution run via the ComplyBOI engine which electronically files the report with FinCEN. Click the link to get started and follow the instructions found on the page. Utilizing this option includes quarterly email reminders sent to the email address on file for compliance updates and notifications for expiring identity documents. The fee for this service is $195 per entity per BOI report filed. This service may be used for initial filing as well as updated filings.
Submit your BOI report via FinCEN’s website
HERE. This is a self-filing option handled directly between you and FinCEN.
What next?
Grandjean, Wagner, Beiter & Company is committed to helping clients stay in compliance with Beneficial Ownership Information Reporting.
If you need to submit a Beneficial Ownership Information Report, follow the link below to get started.
This webpage form, and other related materials contained herein do not contain the full set of rules and instead provide only a high level overview. These resources are intended for informational purposes only, and do not constitute legal or tax advice. Grandjean, Wagner, Beiter & Company cannot determine your specific eligibility with respect to the requirements described above. You are responsible for independently verifying applicable guidance and determining your organization's applicability. The information contained herein is subject to change at any time.
Last updated 2/19/2025
