Breaking Update:
Due to a recent federal court order, FinCEN has made Beneficial Ownership Information (BOI) filings mandatory again, with a new deadline of March 21, 2025.
Additional Reporting Deadlines:
March 21: General Deadline for existing entities before January 1, 2024.
March 21: Deadline for entities effected by Hurricane Beryl, despite previous extension.
April 23: Extended deadline for entities affected by Hurricanes Debby, Francine, Helene, and Milton.
Exceptions: The named plaintiffs in the current pending case as well as entities listed as members of the National Small Business Association as of March 1, 2024, are not subject to the current March 21, 2025, reporting deadline.
Background Information:
As a reminder, the Corporate Transparency Act (CTA) requires BOI reporting, and will impact most LLCs, corporations, limited partnerships, and other closely held entities. Congress enacted the CTA to create a national database of the beneficial owners of companies in the US. The law took effect January 1, 2024, and is part of an increasing effort to combat money-laundering, terrorism, fraud, tax evasion and other financial crimes. Exempted from this requirement are entities that are already subject to significant reporting requirements, including (but not limited to):
i) Tax exempt entity that is described in section 501(c) of the Internal Revenue Code (“Code”).
ii) An entity that: (i) employs more than 20 employees on a full-time basis in the United States; (ii) filed in the previous year Federal income tax returns in the United States demonstrating more than $5,000,000 in gross receipts or sales; and (iii) has an operating presence at a physical office within the United States.
How to Proceed:
ADKF has been advised that preparing this report constitutes the practice of law. Therefore, ADKF will not be preparing or submitting this report on behalf of our clients. This report can be submitted by the owner or agent of the entity, or legal counsel retained by the entity. We will be available to help legal counsel with the gathering of information needed for the report but cannot be directly engaged to prepare the reports.
For more information on filing a BOI report, click here.