Davies Pearson, P.C., does not assume any responsibilities related to the reporting requirements mandated by the Financial Crimes Enforcement Network (FinCEN) for Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA) for business entities. Effective January 1, 2024, FinCEN requires certain business entities, including, but not limited to corporations, limited liability companies, and other entities registered to do business in the United States of America (“Companies” or “Company”), to report Company and beneficial ownership information electronically to the Beneficial Ownership Secure System (BOSS). Beneficial ownership information is identifying information about the individuals who directly or indirectly own or control a Company.
Companies in existence prior to January 1, 2024 have until January 1, 2025 to submit their first BOI Report. All Companies formed in calendar year 2024 have ninety (90) days from the date of formation to issue their first BOI Report. Companies formed after December 31, 2024 are expected to have thirty (30) days from the date of formation to issue their first BOI Report.
There are possible exemptions that may apply to your Company. For a list of exemptions, and additional information about BOI Reporting, see the Small Entity Beneficial Ownership Information Compliance Guide and the Beneficial Ownership Information FAQs on the FinCEN website.
Please note that Davies Pearson, P.C. will continue to form Companies for clients and will only file the initial BOI Reports for Companies created on or after January 1, 2024 as a part of such formations. Clients will remain responsible for filing all subsequently required reports. Clients with Companies created prior to January 1, 2024 that are subject to these requirements are responsible for fulfilling their reporting obligations directly. For questions about your reporting obligations, please contact your attorney.