The Corporate Transparency Act (CTA) requires nearly all businesses that filed their formation documents with the state to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). The CTA aims to combat money laundering and other financial crimes by increasing corporate transparency.

Starting January 1, 2024, any business formed on or after that date must file a BOI report within 30 days of formation. Existing companies have until January 1, 2025 to file. Failing to file or providing false information can lead to severe consequences, including civil penalties of $591 per day for each day the violation continues as well as criminal penalties for intentionally fraudulent conduct.

Filing is easy and usually you only need a driver’s license to complete the filing. It can be done at https://boiefiling.fincen.gov/