Topel Forman News

Don’t Miss The Deadline!

Topel Forman wants to provide a friendly reminder regarding the upcoming deadline for the Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). The CTA requires many corporations, LLCs, and other entities to report informat

ion about who ultimately owns or controls them unless a specifically enumerated exemption applies.

Who needs to file a BOI report?

If an entity was formed or registered to do business in the U.S. before January 1, 2024, the entity is required to file a BOI report by January 1, 2025. It is not relevant whether the entity has a filing requirement for income tax purposes or not. Additionally, the CTA keeps an ongoing reporting obligation for changes to the beneficial ownership information provided by an entity.

Please recall a reporting company created or registered in 2024 will have only 90 calendar days to file after receiving actual or public notice that its creation or registration is effective. It becomes only 30 days for entities formed after January 1, 2025.

What information needs to be reported initially by an entity created before January 1, 2024?

If an entity is required to file, the reporting requires information about the entity itself and its beneficial owners, including:

• Name, address, formation information, and tax identification number
• Beneficial owners’ names, dates of birth, addresses, and an identifying number from a driver’s license, passport, or other approved document, as well as an image of the relevant document.

Need help?

One can file a BOI report electronically through FinCEN’s website: https://boiefiling.fincen.gov. Alternatively, do not hesitate to reach out to your Topel Forman contact to discuss the requirements under the CTA. We’re here to help ensure our clients meet the deadline(s) when requested to do so and avoid potential penalties. Note, unless specifically engaged to do so, assisting you with your compliance with the Corporate Transparency Act, including beneficial ownership information reporting, is not within the scope of any other engagement with Topel Forman.

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