Federal lawsuits challenging the CTA have been unsuccessful. The required reporting is due December 31 and is unlikely to be overturned.
WHAT DO I NEED TO DO?
- You are required to file the BOIR form no later than Dec 31, 2024 if your business was created prior to January 1st, 2024.
- For businesses created in 2024, you have 90 days from the creation date to file
- For businesses created in 2025, you have 30 days from the creation date to file
- You will need to obtain a FINCEN ID to make filing the BOIR form easier, especially if you have ownership in multiple entities. Use the link below to register for a FINCEN ID:
- FINCENID.FINCEN.GOV
- Contact us now if you would like us to file BOIR on your behalf
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Sign the BOIR engagement letter CLICK HERE
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Send your request to lsmo@lscvadvisors.com. Include the company information for each company you would like us to file, the FINCEN ID for each owner, and the signed engagement letter for each company.
WHAT HAPPENS IF I DON’T REPORT
- Filing is required under federal law.
- Failure to file penalties are $500 per day, capped at $10,000
REPORTING COMPANIES
Companies who have to report are called reporting companies. Your company is a reporting company and will need to report information about its beneficial owners if it is
- A corporation or LLC created in the United States by filing a document with the secretary of state or any similar office; OR
- A foreign company and was registered to do business by any US state or an Indian tribe.
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