The Corporate Transparency Act “CTA” went into effect January 1, 2024 and requires most businesses to file a Beneficial Owner Report “BOI”. The Corporate Transparency Act “CTA” is mainly an anti-money laundering law. As of January 1, 2024 reporting companies created after January 1, 2024 will have have 90 days file a Beneficial Owner Report “BOI” with FinCEN. Reporting companies created before January 1, 2024 have until January 1, 2025 to comply and file a Beneficial Owner Report “BOI” with FinCEN. Please be advised it is your responsibility to comply with the required filings. Mawicke & Goisman, S.C. will not be responsible for any filings unless you contact us with regard thereto. Failure to comply could result in civil penalties of $500 per day the violation continues and criminal penalties of up to $10,000 and two years in prison.

To learn more or to find out if your business is a reporting company, Please click HERE.