Corporate Transparency Act Compliance

Subject: Important Notice: Action needed! New Beneficial Ownership Information (BOI) Reporting Requirement

 

Dear Valued Clients,

 

We hope this message finds you well. As of January 1, 2024, a sweeping nationwide reporting requirement has come into effect, mandating certain small businesses, including all corporations, partnerships, and LLCs, to submit a Beneficial Ownership Information (BOI) report to the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN). Congress has imposed this reporting process to better protect national interests from bad actors committing money laundering, acts of terrorism, tax fraud, and other illegal acts. This requirement applies to both currently active entities that have already been formed and those formed in the future. You can find more information HERE.

 

For entities established before January 1, 2024, the BOI report must include comprehensive details about the company itself, such as full legal name, trade names, principal place of business address, jurisdiction of formation, and taxpayer identification number. Additionally, beneficial owners and company applicants must provide their full legal names, dates of birth, residential addresses, unique identifying numbers (from U.S. passport, state or local ID document, driver's license, or foreign passport), and images of the corresponding documents.

 

Entities created before January 1, 2024, are required to submit their initial BOI report by January 1, 2025. Entities created in after January 1, 2024 must file a report within 90 calendar days of receiving notice that their creation has become effective.

 

Compliance with these regulations is crucial and includes penalties such as civil penalties of up to $500 for each day the violation continues, or criminal penalties of imprisonment of up to two years and/or fine not to exceed $10,000. We are here to assist you throughout this process. 

 

1. You can handle the compliance yourself using Capitol Services at this link HERE. 

 

Or

 

1. You can contact Lindy Duffney, Paralegal, via email at lindy@katzenfooshee.com or by phone at (214) 932-6583, to assist with filing compliance by our law firm. 

 

Should you have any questions or require further guidance, please do not hesitate to reach out to our dedicated team. 

 

Thank you for your prompt attention to this matter.

 

Best regards,

 

Katzen Fooshée, PLLC