a
M

Corporate Transparency Act Reporting Deadlines Are Here!

Business Insights

Corporate Transparency Act Reporting Deadlines Are Here!

Oct 16, 2024 | Business Insights

With the passage of the Corporate Transparency Act (CTA), there are a ton of questions. Most companies must file a Beneficial Owner Information Report (BOIR). Here are some of the main points:

When do I need to file my BOIR?

For companies formed prior to 1/1/2024, the deadline for filing the BOIR is 12/31/24. As of 1/1/24, new companies must file the BOIR within 90 days of company creation or registration. As of 1/1/25, new companies must file the BOIR within 30 days of company creation or registration.

Where do I file the BOIR?

If you want to prepare and file the BOIR, you can select your filing method here.

Am I able to get help with filing my BOIR?

Feel free to reach out to us – we can provide guidance and assistance with your BOIR filing.

Are non-profits required to file a BOIR?

If you have received a 501(C)(3) tax exemption from the IRS, you are not required to file. If that status is revoked, or if your entity is created but has not been approved as a 501(C)(3) by the IRS, you may still need to file your BOIR.

Are there exemptions from the need to file a BOIR?

Yes, there are exemptions from the need to file. In addition to the tax-exempt entities discussed above, here are a few of the more significant exemptions:

  • Large operating companies
    • More than twenty full time employees
    • Over $5 million in revenue for the previous year
    • With a physical operating presence in the US
  • Wholly owned subsidiaries of some exempt entities
  • Some inactive businesses
  • Accounting firms
  • Banks, credit unions, and depository holding companies
  • Broker or dealers in securities
  • Investment companies and advisors
  • Insurance companies

Conclusion

Despite several pieces of litigation seeking to challenge the CTA, for the time being this act remains in place. As such, you need to take steps for compliance or run the risk of substantial civil and criminal penalties.

If you have questions about the CTA’s requirements or just want to ensure your business is on the right track, please feel free to reach out to Timothy Hughes at Bean, Kinney & Korman, P.C. at (703) 526-5582 or thughes@beankinney.com. Our firm practices in Virginia, Maryland, and the District of Columbia in addition to various other jurisdictions and can help you through this process.

This article is for informational purposes only and does not contain or convey legal advice. Consult a lawyer. Any views or opinions expressed herein are those of the authors and are not necessarily the views of any client.

LinkedIn

Follow us on LinkedIn to view the latest blogs from our team.

Follow

About – Business Insights

Our business blog focuses on issues affecting Virginia, D.C. and Maryland business owners as well as those in other jurisdictions throughout the country. We provide timely insight and commentary on federal and state rules and how they affect you. If you are interested in having us cover a specific topic, please let us know.

About – Employment Law

As employment law constantly changes, the attorneys at Bean, Kinney & Korman stay up to date on the law as it develops. Our blog topics focus on those changes and what you need to know about them, ranging from severance agreements and the FLSA to social media in the workplace and recent court decisions. If you are interested in having us cover a specific topic, please let us know.

About- Real Estate

This blog focuses on real estate, land use and construction-related topics affecting Virginia and the Washington, D.C. metro area. With topics ranging from contract drafting and negotiation to local and regional land use project updates, the attorneys at Bean, Kinney & Korman provide timely insight and commentary on the issues affecting owners, builders, developers, contractors, subcontractors and other players in the industry. If you are interested in having us cover a specific topic, please let us know.

Phantom Stock Plans for LLCs

Oct 9, 2024 |

Attracting and retaining top talent often requires innovative compensation strategies. Multi-member LLCs are flexible but can also be complex. Founders and executives often wish to reward high-performing employees with upside value tied to the success of the company,...

Financial and Tax Implications in a Business Divorce

Jul 23, 2024 |

In the complex landscape of business divorces, understanding the financial and tax implications is crucial. These considerations can significantly impact both the immediate settlement and the long-term financial health of the involved parties. This blog, the fourth in...

Some Things a Non-profit Should Never Do

Jul 12, 2024 |

Lawyers are quite good at putting the fear of God into their clients and friends. This tendency has even been reduced to the catchy term of laying out the “Parade of the Horribles.” In reality, for non-profits, there are some things you absolutely, positively should...