In short:

• If you own or are a member of an LLC or corporation, you are required to report your business to the appropriate government agency.

• If you don’t, this can result in hefty fines and penalties.

• We can help you with this task. Just reply to this email and we’ll follow up.

Do you know about the Corporate Transparency Act?

The Corporate Transparency Act (CTA) took effect on January 1, 2024. This law requires business owners to report personal details about themselves and any members to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN).

This will soon be a separate requirement for New York LLC owners. The New York LLC Transparency Act (NY LLCTA). 

What are the requirements of business owners?

The Corporate Transparency Act requires that reporting companies file a Beneficial Ownership Information Report which you can do yourself in this website https://boiefiling.fincen.gov/, or we can file the report on your behalf and guarantee 100% accurate filing* or confirm any exemptions so you remain compliant and have peace of mind.

When is the Beneficial Ownership Information Report due?

Businesses formed before January 1, 2024, have until January 1, 2025, to file. If you formed your business on or after January 1, 2024, the report is due within 30 days of formation.

What is the penalty for not filing the Beneficial Ownership Information Report?

A person who willfully fails to comply with BOI reporting may be subject to civil penalties of $500 per day, adjusted for inflation, and criminal penalties including a $10,000 fine and/or up to two years of imprisonment.

Please consider getting this done soon so you can continue focusing on your business and customers. Schedule a call with us today to ensure your compliance and avoid any potential penalties. 

MCS Tax Services.