By Emily M. Frohman, Esq. and Brandon J. Leal, Esq.
The federal Corporate Transparency Act (CTA) deadline of January 1, 2025 is fast approaching. Many of you may have been waiting to see if the courts would strike the law outright or postpone the filing deadline. That has not yet happened. Indeed, now that we are into the fourth quarter, it is time for entities the CTA covers — which is most small businesses, unless they qualify for an exemption — to determine whom their beneficial owners are and complete their initial beneficial ownership information (BOI) report, which must be filed with the Treasury Department's Financial Crimes Enforcement Network (FinCEN).
BOI reports can be submitted online by following this link, HERE. For more information on how to submit the report and how to identify your company’s beneficial owners, we recommend reviewing FinCEN’s small business resources, linked HERE, reviewing our Firm’s prior articles on this topic, linked HERE, or contacting our office for further guidance.
Although your WHP attorney will not be completing your BOI report and filing with FinCEN on your behalf, please do not hesitate to contact your WHP counsel for assistance or guidance as to whether you must file a BOI report, how to file a BOI report, and what information should be reported.
This article provides an overview and summary of the matters described therein. It is not intended to be and should not be construed as legal advice on the particular subject.