Corporate Transparency Act Compliance

(Assisting you in navigating the requirements for beneficial ownership reporting)

Understanding the Corporate Transparency Act (CTA)

The Corporate Transparency Act (CTA) mandates that “reporting companies” disclose Beneficial Ownership Information (BOI) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement aims to increase transparency, helping to prevent illicit activities by ensuring that ownership and control of companies are traceable.

Who Needs to Report BOI?

If you meet any of the following criteria, you may be required to file Beneficial Ownership Information (BOI):

Own or control at least 25% of a company’s ownership interest.
Exercise substantial control over a reporting company.

What Qualifies as a Reporting Company?

A “reporting company” includes a wide range of entities, such as:

Domestic corporations and limited liability companies (LLCs).
Certain trusts and non-profit entities.
Any foreign companies registered to operate within the United States.

Note: While some exceptions exist, most LLCs and corporations must report BOI, regardless of their state of incorporation.

Corporate Transparency Act (CTA) Filing Deadlines & Requirements

Existing Companies

Created or registered before January 1, 2024: Filing must be completed by January 1, 2025.

New Companies

Created or registered between January 1, 2024, and January 1, 2025: Filing must be completed within 90 calendar days.

Reporting Updates as of February 2025

The filing requirements of the Financial Crimes Enforcement Network (FinCEN) and its Corporate Transparency Act (“CTA”) have been the subject of several litigations. The CTA requires filing Beneficial Ownership Information (“BOI”), which means that all entities subject to the CTA must file and identify their beneficial owner reports.

After numerous Court Decisions and Appeals, the CTA Beneficial Ownership reporting requirements are once again in effect. For most entities, the new deadline is now March 21, 2025. Don’t let the deadline pass and incur unnecessary late fees/penalties! Make sure you comply with your federal filing requirement by contacting Nicole Verrilli at Askin & Hooker today.

Contact Nicole Verrilli at Askin & Hooker to guarantee you comply with your federal filing requirement.

How We Can Help

Unsure about your reporting requirements? Askin & Hooker, LLC can provide expert guidance, ensuring that your company remains compliant with CTA regulations.

Explore Specifics: For more details, refer to CTA § 5336 or visit FinCEN’s official BOI page.
Contact Our Office: Reach out to discuss your entity’s specific obligations.

Connect with Us Today

If you’re ready to engage Askin & Hooker, LLC for professional support with your BOI reporting, contact:

Nicole D. Verrilli, Esq.
📧 nicole@askinlaw.com

Let us help you navigate your reporting requirements efficiently and accurately.