Act Now: Corporate Transparency Act Deadline Approaching

This is an important reminder for business owners to comply with the Corporate Transparency Act (CTA) by filing their Beneficial Ownership Information Reports (BOIRs) on the Financial Crimes Enforcement Network (FinCEN) website ahead of the January 1, 2025 deadline.

With less than two months remaining, it’s crucial to assess whether your business falls under this requirement and, if so, to begin gathering the necessary information without delay.

As a refresher, the CTA is a newly enacted federal law mandating that businesses submit BOIRs to FinCEN, detailing information about the entity itself and the individual(s) who own and control it. You can read more about the CTA in our series of articles on the topic.

While there are several exemptions, it’s essential to evaluate each entity within your organizational structure since one may still have reporting obligations based on the specifics of the CTA. Our Corporate/Business department at Strauss Troy is equipped to help you navigate these nuances and ensure compliance with the law.

In September, FinCEN reported that only around 10% of the estimated 32 million entities had submitted a BOIR. It is vital for business owners to promptly determine if the CTA applies to their entity, gather the required information for a BOIR, and submit it to FinCEN before the January 1, 2025 deadline.

The urgency to initiate the filing process is heightened by the potential penalties for willful non-compliance, which can include civil penalties of up to $500 for each day a violation continues, and criminal penalties of up to $10,000, imprisonment for up to two years, or both.

Our Corporate/Business department is ready to assist you in understanding these risks and developing a compliance strategy tailored to your needs. Please note that it is your responsibility, or that of someone in your organization, to report your company’s information to FinCEN. While we can guide you through the process, the final responsibility lies with your business.

Contact our Corporate/Business department contacts today:

Liz Reeder
emreeder@strausstroy.com
513.629.9463

Richard Colvin
crcolvin@strausstroy.com
513.768.9705