CORPORATE TRANSPARENCY ACT FACT SHEET
Who Needs To Report:
-Domestic Reporting Companies – Corps, LLC or other entity created by filing with a Secretary of State.
-Foreign Reporting Companies – Corps, LLC and other entities created under foreign law and registered in US.
-Other Entities – LLP, LLLPs, Business Trusts & most LPs.
Exemptions (not required to report):
i. Securities reporting issuer xii. Insurance co.
ii. Governmental authority xiii. State-licensed insurance producer
iii. Bank xiv. Commodity Exchange Act registered entity
iv. Credit union xv. Accounting firm
v. Depository institution holding co. xvi. Public utility
vi. Money services business xvii. Financial market utility
vii. Broker or dealer in securities xviii. Pooled investment vehicle
viii. Securities exchange or clearing agency xix. Tax-exempt entity
ix. Other Exchange Act registered entity xx. Entity assisting a tax-exempt entity
x. Investment company or investment adviser xxi. Large operating company
xi. Venture capital fund adviser xxii. Subsidiary of certain exempt entities
xxiii. Inactive entity
Penalties
Penalties for willfully not complying with the BOI reporting requirement can result in criminal and civil penalties of $500 per day and up to $10,000 with up to two years of jail time. For more information about the CTA, visit www.aicpa-cima.com/boi.
Reporting Requirements:
Initial BOI report will include:
Information on the Reporting Company
-Full name of the reporting company.
-Trade name or DBA.
-Complete current address.
-The State or Tribal jurisdiction of formation.
-For foreign reporting company – the state or Tribal jurisdiction where such company first registers.
-IRS Tax ID number (and EIN).
Information on Every Beneficial Owner
-Full Legal Name.
-Date of Birth.
-Complete current address of individual’s residence (not company address).
-A unique identifying number and the issuing jurisdiction from non-expired passport, driver’s license etc.
-An image of the document submitted above.
Information on Every Company Applicant
-Company applicant reporting only applies to companies created on or after
January 1, 2024.
Initial Report Due Dates
-Existing Entities (created/registered by 12/31/2023) – must file by 1/1/25
-New entities (created/register in 2024) – must file within 90 days
-New entities (created/registered after 12/31/2024) – must file within 30 days.
When are Required Updates Due
File within 30 calendar days when change in information for reporting company of a beneficial owner or if reporting company qualifies for exemption after filing initial report.
Recent Comments