Federal Corporate Transparency Act: What It Means for Business Owners
If you own any type of business entity or are thinking of forming one, the federal Corporate Transparency Act (“CTA”) likely applies to you. Beginning January 1, 2024 LLCs and Corporations are responsible for filing Beneficial Ownership Information (“BOI”) with the Financial Crimes Enforcement Network (“FinCEN”) of the US Department of the Treasury through its online portal.
The FinCEN website offers a host of reference materials and guidance for BOI filing, including a small entity compliance guide (https://www.fincen.gov/boi/small-entity-compliance-guide).
Under the FinCEN requirements reporting companies created or registered on or after January 1, 2024, and before January 1, 2025, have 90 calendar days after receiving actual or public notice that their company’s creation or registration is effective to file their initial BOI reports. Specifically, “this 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.” Reporting companies created or registered before January 1, 2024, will have one year (until January 1, 2025) to file their initial reports.
If you have questions relating to the Federal Corporate Transparency Act or the New York State LLC Transparency Act, how they might affect your entity or potential planning opportunities, contact our business attorneys, Michael F. McConville at mmcconville@mccmlaw.com or 585-512-3520 or Letty Laskowski at llaskowski@mccmlaw.com or 585-512-3538.
This publication is intended as an information source for clients, prospective clients, and colleagues and constitutes attorney advertising. The content should not be considered legal advice and readers should not act upon information in this publication without individualized professional counsel.
About MCCM
McConville Considine Cooman & Morin, P.C. is a full-service law firm based in Rochester, New York, providing high-quality legal services to businesses and individuals since 1979. With over a dozen attorneys and a full paralegal support staff, the firm is well-positioned to right-size services tailored to each client. We are large enough to provide expertise in a broad range of practice areas, yet small enough to devote prompt, personal attention to our clients.
We represent a diverse range of clients located throughout New York State and New England. They include individuals, numerous manufacturing and service industry businesses, local governments, and health care professionals, provider groups, facilities and associations. We also serve as local counsel to out-of-state clients and their attorneys who have litigation pending in Western New York courts. For more information, please contact us at 585.546.2500.