In light of recent legislative changes, you should stay informed about the Corporate Transparency Act (CTA) and how it impacts your business.
Effective January 1, 2024, the CTA mandates that most small and medium-sized businesses submit a Beneficial Ownership Information (BOI) report to FinCEN. Your business must likely comply despite a federal court ruling challenging its constitutionality for a specific group.
Why Should You Pay Attention?
The court ruling. A court found the CTA unconstitutional for two plaintiffs, but this doesn't exempt you unless you're directly involved. Compliance is expected for all others, with potential legal shifts ahead as the case proceeds through the courts.
Time-Sensitive Compliance. Existing businesses have until January 1, 2025, to file. Newly formed businesses in 2024 have a 90-day window post-formation. The landscape could change, but it's wise to prepare now.
New York's mandate. Regardless of federal rules, New York LLCs face state-specific BOI reporting laws. This dual layer of compliance underscores the complexity and importance of staying ahead.
Use this link: BOI E-FILING (fincen.gov) you don't want to end up on a site where someone is trying to make you pay ~ J. Warren