Corporate Transparency Act Penalties: What You Need to Know
Corporate Transparency Act Penalties: What You Need to Know
FinCEN announced that the new deadline for most companies is March 21, 2025. - Don't wait, file today
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Safe, secure, and intuitive solution for managing Beneficial Ownership Information. CTAboi ™ helps you navigate FinCEN reporting regulations under the Corporate Transparency Act.
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Who We Are
50 Years of Expertise, Empowering 20,000+ Entrepreneurs.
Since 1974, our family-run Delaware firm has aided 20,000+
entrepreneurs. With 50 years of combined expertise, we created
CTAboi to offer modern solutions and simplify compliance for small
businesses.
Who Reports
Who Must Report and What's Required?
If your business is set up as a limited liability company (LLC)
or a corporation, you must file an initial BOI Report with FinCEN and keep your report updated. Only a
select few businesses are exempt from BOI Reporting
requirements.
Required INFO
1
List your business entities
Legal Name
DBAs, Trade Names, and Alternative Names
EIN
2
List all owners and control parties
Person(s) who own more than 25% of the business
Senior Officers, Executives, & Directors who have
substantial control over business decisions
3
Gather photocopies of Government Issued ID
Must be a valid drivers license or passport
The CTA
What is the
Corporate Transparency Act?
The Corporate Transparency Act (CTA) is a U.S. federal law
impacting over 30 million small businesses in the United States.
The CTA mandates businesses formed as legal entities to disclose
their ownership information. Civil fines for violations are
expensive, and criminal penalties for willful noncompliance can
total up to $606 in fines per day per violation and up to 2 years in prison.
The law requires limited liability companies (LLCs), corporations, and limited partnerships to file Beneficial Ownership Information (BOI) Reports with the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN). The CTA's objective is to aid law enforcement agencies by revealing bad actors who use U.S. business entities to hide money laundering, tax evasion, and other financial crimes.
BOI Reports require specific personal information about all of a reporting company's significant owners and important decision makers.
The law requires limited liability companies (LLCs), corporations, and limited partnerships to file Beneficial Ownership Information (BOI) Reports with the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN). The CTA's objective is to aid law enforcement agencies by revealing bad actors who use U.S. business entities to hide money laundering, tax evasion, and other financial crimes.
BOI Reports require specific personal information about all of a reporting company's significant owners and important decision makers.
Deadlines
Deadlines for BOI Reporting
The time to file your Beneficial Ownership Information Report
depends on when your company was formed. Learn more about
reporting deadlines to avoid fines and penalties.
* January 13, 2025 was the revised administrative deadline provided by FinCEN administratively when the earlier nationwide preliminary injunction was in place for 20 days.
The 5th Circuit first lifted this injunction then reinstated it. The government has appealed that decision before the US Supreme Court. The injunction is currently under review by the US Supreme Court at the time of this writing.
Because FinCEN cannot enforce penalties and require filings until the injunction is lifted, FinCEN is accepting voluntary filings until the injunction is lifted, at which time FinCEN may set new deadlines or enforce existing deadlines.
New Companies
Companies formed after January 1, 2025 must file within 30
calendar days from the formation date to be in compliance with the law.
Existing Companies
Companies formed before January 1, 2024 must file during the
calendar year 2024 and be in compliance with the law before January 1, 2025*.
Companies formed after January 1, 2024 and before January 1, 2025 must file within 90 days from the formation date.
Update Reports
Report updates to FinCEN within 30 calendar days of any change to the
information previously reported.
Correct Prior Reports
File a corrected report to FinCEN within 30 calendar days of the initial
incorrect report that contained false or inaccurate information.
Blog
The Latest on
Corporate Transparency Act
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Should You File A BOI Report Yourself? Top BOIR Mistakes
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Which Businesses Need to File BOIR? Reporting Companies Explained.
How to File Beneficial Ownership Information Reports (BOIR) for a Holding Company.
How to File Beneficial Ownership Information Reports (BOIR) for a Holding Company.
Contact
Get in touch
Our CTAboi support team is always here to help. Reach out to us
anytime you need a hand completing our reporting form!
Note: We are not able to provide legal advice. Legal questions may be referred to The Williams Law Firm, P.A. for separate engagement.
Note: We are not able to provide legal advice. Legal questions may be referred to The Williams Law Firm, P.A. for separate engagement.