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8/29/2024

The Corporate Transparency Act (“CTA”) requires certain business owners, identified as Beneficial Owners of Reporting Companies under the CTA, to file a Beneficial Ownership Report (“BOI”) with FinCEN – The Financial Crimes Enforcement Network.  Information, including what entities must file, what entities are exempt from the filing and who is considered a beneficial owner can be found on the FinCEN website – fincen.gov.

When Must You File Your BOI Report?

  1. Reporting Companies formed prior to January 1, 2024 have until January 1, 2025 to file an initial BOI Report.
  2. Reporting Companies formed on or after January 1, 2024 have 90 days from the date of formation to file an initial BOI Report.
  3. Reporting Companies formed on or after January 1, 2025 must file an initial BOI Report within 30 calendar days of formation.

What Are Your Options for Filing a BOI Report?

  1. File your BOI Report directly with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) at https://fincen.gov/.
    • There is no fee to file directly through fincen.gov.
    • It is your responsibility, not the responsibility of PK Law or any PK Law Attorney, paralegal or administrative assistant, to file your BOI Report. 
  1. Engage the services of third party vendor, FinCEN Report Company (“FinCEN Report”), to assist you with the filing of the Report.
    • With a FinCEN Report subscription you can upload your required key information through an online portal. The information is uploaded and stored in FinCEN Report’s system. Electronic filing of the BOI Report is completed through FinCEN Report’s portal and customer support is available to assist with questions and/or technical issues.
    • Set up your own FinCEN Report account by logging on here:  https://pklaw.filefincen.com/join.
    • Please note: There is a fee for the subscription for this service.  Payment of the fee to FinCEN Report is the responsibility of the client, not PK Law.
  1. Engage the services of another third party vendor to file your BOI Report.
    • You are not required to use FinCEN Report or any other third party vendor to file your BOI Report. Again, you can file for free at fincen.gov or file using any third party vendor of your choice.

 

If you would like PK Law to assist with determining if you must file a BOI Report, and or assist with any aspect of your filing of the BOI Report, you must enter into a retainer agreement with PK Law that expressly engages the firm to do so. This retainer agreement must be separate from any other written agreement you have previously entered into with PK Law or any PK Law Attorney.   

The filing of the Beneficial Ownership Information (“BOI”) Report is the responsibility of the entity and its beneficial owners. PK Law Attorneys will not take any action or file any BOI reports, whether or not currently or previously engaged as an attorney for the entity or any of the entity’s beneficial owners, unless expressly engaged to do so.   

 

 

Interested in learning more about the Corporate Transparency Act (“CTA”)? https://pklaw.com/articles/happy-new-year-business-owners-does-your-business-need-to-comply-with-the-corporate-transparency-act-cta/

 

 

 

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