Corporate Transparency Act
Beneficial Ownership Information Reporting Requirement

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The Corporate Transparency Act (“CTA”) was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (BOI) of certain entities from people who own or control a company.

The CTA is not a part of the tax code. Instead, it is a part of the Bank Secrecy Act, a set of federal laws that require record-keeping and report filing on certain types of financial transactions. Under the CTA, BOI reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN), another agency of the Department of Treasury.

Under the current structure, there is a risk that advising on and/or preparing these reports could be considered the unauthorized practice of law by CPAs. As a result Dutton, Harris & Co. will not advise on or assist with the direct preparation of the BOI reporting. We strongly encourage you reach out to your legal representative for assistance as soon as possible in complying with these filings.

In an effort to make our clients aware of the filing requirement, we are providing you with some general information regarding the new reporting rules.

For more specific help instructions and for a step by step guide, please refer to the government weblink here https://boiefiling.fincen.gov.
 

When must companies file?
· New entities (created/registered after 12/31/23) — must file within 90 days
· Existing entities (created/registered before 1/1/24) — must file by 1/1/25
· New entities (created/registered after 12/31/24) — must file within 30 days
· Reporting companies that have changes to previously reported information or discover inaccuracies in previously filed reports — must file within 30 days
 

Please visit https://boiefiling.fincen.gov/ to file your BOI.