CSG Law Alert: The Corporate Transparency Act: Filing Deadlines Fast Approaching

As a reminder, the Corporate Transparency Act (“CTA“) went into effect on January 1, 2024. As part of the CTA, all companies (“Reporting Companies“) are required to report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) certain information about the company and the individuals who directly or indirectly own or control the company (referred to as “Beneficial Ownership Information Reports” or “BOI Reports“), unless a company falls within an exemption to the reporting requirements. The deadlines for filing an initial BOI Report depend on when a Reporting Company was formed:

  • Reporting Companies formed before January 1, 2024 must file their initial BOI Report on or before January 1, 2025.
  • Reporting Companies formed between January 1, 2024 and December 31, 2024, must file their initial BOI Report within 90 days from the Reporting Company’s effective date of formation.
  • Reporting Companies formed on or after January 1, 2025 must file their initial BOI Report within 30 days of the Reporting Company’s effective date of formation.

The BOI Reports must be submitted electronically through a secure filing system on FinCEN’s website.

As the deadline for filing BOI Reports for Reporting Companies formed before January 1, 2024 approaches, we strongly encourage you to reach out to your CSG Law attorney for any assistance needed with the filing process.

For a more detailed explanation of the CTA and its mandatory disclosure requirements, please see our previous client alert, The Corporate Transparency Act: How Will It Impact Your Business? and FinCEN’s website. Should you have any questions about the CTA and its applicability, please contact your CSG Law attorney or the authors of this alert.

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