Here's what you need to know about the Corporate Transparency Act (CTA) requirements and filing dead

Does the CTA Apply to My Business?

The CTA applies to a range of business entities formed by filing with a secretary of state's office, including:

• Corporations
• Limited Liability Companies (LLCs)
• Similar business structures

There are some exemptions, so it's important to check. 

Here are some resources that can help:

• FinCEN's CTA Page: https://fincen.gov/beneficial-ownership-information-reporting - This page offers details on who needs to report.
• U.S. Chamber of Commerce: https://www.uschamber.com/finance/30-million-american-businesses-face-new-reporting-burderns-under-new-rule - This resource provides a general overview of the CTA for small businesses.

What Information Needs to be Reported?

If your business falls under the CTA, you'll need to file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN). This report details individuals who hold substantial control over the business, own 25% or more of the ownership interest, or receive significant economic benefits.

Filing Deadlines:

• Existing Businesses (Before Jan 1, 2024): The deadline to file your initial BOI Report is December 31, 2024.
• New Businesses (Formed After Jan 1, 2024): You have 90 days from the date of formation to file your initial BOI Report.
• Businesses Formed After Jan 1, 2025: The filing window tightens to 30 days after formation.

Important Note: There is ongoing litigation regarding the CTA. As of June 25, 2024, FinCEN is still accepting reports. However, some specific individuals and entities may be subject to a court injunction. It's crucial to stay updated on any legal developments that might impact the CTA.