Understanding the Corporate Transparency Act: New BOI Reporting Requirements for Business Owners in 2024

We want to share some crucial information about the Corporate Transparency Act (CTA) and its impact on the reporting of Beneficial Ownership Information (BOI). This new regulation affects a wide range of business entities and aims to increase transparency in corporate ownership.

If you own a Limited Liability Company (LLC), Incorporated Business (Inc), or any other type of legal entity, the CTA likely applies to you. As of January 1, 2024, the Act requires certain domestic and foreign companies conducting business in the United States to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Under the CTA, FinCEN is authorized to collect BOI and share it with authorized government agencies and financial institutions. This is conducted in accordance with stringent safeguards and controls outlined in the Anti-Money Laundering Act of 2020 (AML Act) to prevent the concealment of illicit funds or property in the United States.
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BOI reports necessitate reporting companies to identify the entity, company applicants, and their beneficial owners who control at least 25% of the Company stock or membership interests. Required information includes names, birthdates, addresses, and images of acceptable identification documents.

For businesses established in 2024, compliance involves filing the BOI report within 90 days of formation. Existing businesses created before 2024 have until December 31, 2024, to fulfill this requirement. To familiarize yourself with the specifics and obligations of BOI reporting, please refer to the official FinCEN Small Business Compliance Guide accessible via this link: BOI Small Business Compliance Guide. 

File BOI reports at: https://www.fincen.gov/boi

If you would like Cornbelt Financial to file the BOI report on your behalf, please reach out to us at [email protected]. We will then contact you to request any missing information. BOI reports prepared and filed by Cornbelt Financial will get billed a minimum of $200 or our applicable hourly rate of $200/hour. 

​We're dedicated to helping our clients navigate these regulations to ensure compliance, so please reach out if you require assistance.