Don’t delay and be penalized if you’re required to submit a Beneficial Ownership Information Report (BOIR). The deadline is January 1, 2025, and the penalty for missing the deadline is up to $591 per day.
The Corporate Transparency Act (the “CTA”), enacted as part of the National Defense Authorization Act for Fiscal Year 2021, mandates that most entities (corporations, partnership and limited liability companies) report their beneficial ownership information (“BOI”) to the Financial Crimes Enforcement Network (“FinCEN”).
BOI means information regarding the owners of the applicable entities, whether such owners are individuals, trusts, or other entities. There are some exceptions to which entities must file to report their BOI, most of which apply to large corporations.
For entities formed before January 1, 2024, the deadline for report filing is January 1, 2025.
For entities formed during calendar year 2024, the deadline to file the report is 90 days after the entity was formed. For entities formed on or after January 1, 2025, the deadline to file the report is 30 days after the entity was formed.
The current FinCEN penalty for late filing is $591 per day.
For assistance with properly completing and filing the BOIR, contact Attorney Jacob Viner by phone at 860-232-3000 or by email at jviner@rckklaw.com
RCKK will charge clients a flat fee of $200 per entity for entities with four or fewer owners and/or individuals with substantial control over the entity. Every additional owner and/or individual with substantial control (in excess of four) will result in a charge of $25 per additional person.
About RCKK Law
Rome, Clifford Katz & Koerner is a Hartford-based law firm whose attorneys collectively have more than 100 years of experience in a wide variety of legal areas. Whether you are dealing with a motor vehicle accident, a Workers’ Compensation injury, a Family Law matter, or a business concern, our skilled lawyers will aggressively advocate on your behalf. We represent individuals and businesses in Connecticut and throughout the New England states. Contact the firm at 860-232-3000.