Are You Aware of a New Regulation Called The “Corporate Transparency Act” (CTA)?

Reporting of Beneficial Ownership Information (BOI)

You may be required to report certain information about your beneficial owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act. The Corporate Transparency Act (CTA) is a new law aimed at preventing money laundering and other illegal financial activities. It requires certain businesses to report information about their “beneficial owners” to the government.

Who is a “Beneficial Owner” —the person (s) who ultimately owns or controls the company.  The new law requires certain businesses to report information about such “beneficial owners” to FinCEN.

Beginning on January 1, 2024, it is mandatory for unexempted businesses to adhere to the Corporate Transparency Act (CTA).

This law requires certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States must report information about their beneficial owners. See below list for exempted businesses: –

Exemption List – if your business type is not on the below list, it means your business is required to report the BOI.

Exemption
No.		 Exemption Short Title Exemption No. Exemption Short Title

1

 Securities reporting issuer

13

 State-licensed insurance producer

2

 Governmental authority

14

 Commodity Exchange Act registered entity

3

 Bank

15

 Accounting firm

4

 Credit union

16

 Public utility

5

 Depository institution holding company

17

 Financial market utility

6

 Money services business

18

 Pooled investment vehicle

7

 Broker or dealer in securities

19

 Tax-exempt entity

8

 Securities exchange or clearing agency

20

 Entity assisting a tax-exempt entity

9

 Other Exchange Act registered entity

21

 Large operating company

10

 Investment company or investment adviser

22

 Subsidiary of certain exempt entities

11

 Venture capital fund adviser

23

 Inactive entity

12

 Insurance company    

Deadline for filing a BOI Report

  • Unexempted existing businesses (formed prior to January 1, 2024) have until January 1, 2025, to report information about the company and its beneficial owners.
  • Unexempted business formed after January 1, 2024, will need to report beneficial ownership information within 90 days of formation.
  • Unexempted business formed after January 1, 2025, will need to report beneficial ownership information within 30 days of formation.

To get started – Depending on when your business was formed, you will need to provide the following Information:

  • Your Legal Name (fn, mn, ln)
  • Business legal name
  • Your address
  • Your date of birth
  • Government ID (DL, Passport, etc.) for each beneficial owner

Let MVP help your business process and submit your Beneficial Ownership Information (BOI) Reporting. Contact us today.

Email: mvptaxes@yahoo.com us to set up an appointment