Important Reminder: Corporate Transparency Act Reporting Deadline Jan. 1, 2025

The Corporate Transparency Act (CTA) requires 1) domestic (U.S.) entities and 2) foreign entities registered to do business in the U.S. (collectively, "Reporting Companies") that were in existence prior to Jan. 1, 2024, to file an electronic Beneficial Ownership Information Return (BOIR) with the Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Department of the Treasury. The return must be filed no later than Jan. 1, 2025, unless the entity is 1) out of scope or 2) eligible to claim an exemption from filing. (BOIR filings also are required for Reporting Companies formed in 2024, which have a 90-day deadline from formation or registration to file a BOIR, unless out of scope or exempt under the CTA.)

Consider how this new, expansive federal filing requirement may impact entities that you own or control, including corporations, limited liability companies, statutory trusts and other similar entities.

A failure to file a BOIR may result in civil and criminal penalties.

The Jan. 1, 2025, deadline applies to entities that are in existence in 2024 that are in the process of dissolving or have recently dissolved.

If you would like to discuss how the CTA affects any entity that you own or control, or need assistance in completing the BOIR, please reach out to the Holland & Knight attorney who handles your matters.

Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem, and it should not be substituted for legal advice, which relies on a specific factual analysis. Moreover, the laws of each jurisdiction are different and are constantly changing. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. If you have specific questions regarding a particular fact situation, we urge you to consult the authors of this publication, your Holland & Knight representative or other competent legal counsel.