IMPORTANT: NEW FEDERAL FORM FILING DUE
We hope that this summer finds you well and your business continues to prosper. We are writing to inform you about an important new requirement that affects all businesses: the Beneficial Ownership Information Filing.
What is the Beneficial Ownership Filing?
The Beneficial Ownership Information Filing is a new federal regulation mandated by the Corporate Transparency Act (CTA), which was enacted to increase transparency in business ownership. It requires businesses to disclose information about individuals who have significant control or ownership of the company. This helps prevent illegal activities such as money laundering and fraud.
Who Needs to File?
If you own or control 25% or more of your business, or if you have considerable influence over company decisions, you are considered a beneficial owner. This applies to those who own a business, have an LLC or another business entity. Even if you do not meet this threshold, it is important to identify any other individuals who do.
What Information is Required?
You will need to provide:
1. Full name of the beneficial owner(s).
2. Date of birth.
3. Personal address.
4. Social Security Number (or equivalent for non-U.S. persons).
5. Details of their ownership or control over the business.
When is the Deadline?
The initial filing must be completed by December 31, 2024, for companies that existed prior to 2024. For new companies created in 2024, you have 90 days to file the report. After the initial filing, any changes in ownership or control must be reported within 30 days.
How to File?
Filing can be done online through the Financial Crimes Enforcement Network (FinCEN) website https://www.fincen.gov/boi.
Why is This Important?
Complying with the Beneficial Ownership Filing is not only a legal requirement under the Corporate Transparency Act (CTA) but also a step toward maintaining the integrity of your business. Non-compliance can result in significant penalties, so it is crucial to act promptly.
Need Help?
We understand that navigating new regulations can be challenging. If you need assistance in filing out the form, email Jennifer Jenkins at our office at Jenn@cfparks.com. Our team of experts is here to help you every step of the way to ensure your compliance with this filing.
Thank you for your attention to this important matter. We appreciate your cooperation and are committed to supporting your business and your efforts to Manage Brilliantly.
