Corporate Transparency Act
Overview
Disclosure of Beneficial Ownership Information
Applies to:
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Domestic Corporations
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Domestic Limited Liability Companies
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Other domestic entities registered by States or Indian Tribes
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Foreign entities registered to do business in any U.S. state or in any tribal jurisdiction
FinCEN Reporting Opens: January 1, 2024
Reporting accomplished on FinCEN website
Reporting Deadlines:
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January 1, 2025 for companies created or registered before January 1, 2024
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90 days after being created or registered for companies created or registered during 2024
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30 days after being created or registered for companies created or registered after January 1, 2024
Caution
Some E&O carriers may not consider BOI reporting as a tax matter, and you may not be covered if assisting clients with the reporting.
California Differences
California has no similar requirement.