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FinCEN Beneficial Ownership Information Report Notice
The Corporate Transparency Act (CTA) requires companies formed and/or operating in the US to disclose information about the entity, officers of that entity, and beneficial owners with the Financial Crimes Enforcement Network (FinCEN), a division within the US Treasury Department.
Entities defined in this requirement are entities formed by a filing with a secretary of state, such as corporations, LLCs and LLPs.
If your entity was created by a filing with a secretary of state prior to January 1, 2024, initial report filing must be done with the FinCEN on-line before January 1, 2025.
Failing to file a report may subject the entity to civil and criminal penalties. The penalties are up to $500 for each day that the violation occurs, up to a maximum of $10,000, and imprisonment for up to two years.
If you created or registered in 2024 you must report with FinCEN within 90 days of forming or registering to do business in the US.
Official guidance issued by FinCEN can be found at https://www.fincen.gov/boi/Reference-materials
The following options are available to you to complete this filing requirement:
1) You can file a report for your entity directly with FinCEN at no charge https://www.fincen.gov/boi
I recommend you complete this as soon as possible to avoid any potential delays as we approach the end of the year’s filing deadline.
2) Sprague and Jackson can assist you and file this initial report on your behalf at our firm’s hourly rates.
All future filings will be your responsibility if you choose to have Sprague and Jackson file the initial report. Sprague and Jackson will do our best to provide future guidance but it is on your firm to meet all requirements independently.
If you would like Sprague and Jackson to assist with the filing of this initial report, please email me directly at angie@sprjac.com, prior to September 30th. It is your responsibility to contact us to file this report. We cannot do it without your written permission.