Doehring & Doehring Advises on Corporate Transparency Act Filing
Deadlines and Requirements
In a significant move to enhance corporate transparency and combat illicit financial activities, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has officially opened the portal for beneficial ownership information reports. The Corporate Transparency Act, a bipartisan effort enacted in 2021, mandates numerous U.S. businesses to disclose details about their actual owners or controlling individuals.
Filing Deadlines and Procedures:
Doehring & Doehring, a law firm specializing in business law and estate planning, underscores the critical deadlines for compliance as follows:
- Existing Companies: Entities established or registered for business in the United States prior to January 1, 2024, are required to submit their initial reports by January 1, 2025.
- New Companies: Entities formed or registered in 2024 must file within 90 calendar days following the official notice of their establishment or registration.
It’s imperative to note that beneficial ownership information reporting is a one-time obligation, barring any need for updates or corrections to the submitted data.
Reporting Requirements:
The Act necessitates reporting companies to provide detailed information about each beneficial owner, including:
- Full name
- Date of birth
- Address
- Identifying document number and issuing authority, which may include a non-expired U.S. driver’s
license, U.S. passport, or a state (including U.S. territories), local government, or Indian tribe-issued identification document. In the absence of these, a non-expired foreign passport is
acceptable. Importantly, an image of the identification document must accompany the submission.
Additionally, reporting entities are obliged to furnish specific details about the company itself, such as its name(s) and address. Entities created on or after January 1, 2024, are also required to disclose information regarding the company applicants – individuals responsible for the company’s formation.
Resources and Support:
Acknowledging the potential challenges faced by small businesses in navigating these new requirements, FinCEN has pledged robust support. This includes the publication of a Small Entity Compliance Guide, designed to elucidate the filing process in plain language. Additional resources, including instructional videos, webinars, a comprehensive FAQ section, and access to a dedicated contact center, are available at www.fincen.gov/boi, ensuring businesses are well-equipped to fulfill their reporting obligations efficiently.
Doehring & Doehring’s Commitment:
Doehring & Doehring is committed to guiding businesses through the complexities of the Corporate Transparency Act. Our expertise ensures that clients understand their reporting obligations, facilitating compliance while minimizing disruption to their operations.
As the landscape of business transparency evolves, Doehring & Doehring remains a steadfast partner for businesses navigating the intricacies of the Corporate Transparency Act. Our goal is to ensure that our clients not only comply with these new requirements but also harness them as an opportunity to reinforce their commitment to ethical business practices.