šŸ“¢Attention! New Corporate Transparency Act Took Effect on January 1 - Palma Financial

Effective January 1, 2024, theĀ Corporate Transparency Act (CTA)Ā brings new filing requirements for US businesses.

Who needs to file?

  • Most corporations, LLCs, and other business entities (called “reporting companies”) are formed or registered in the US.
  • Existing businesses by January 1, 2025 (essentially December 31, 2024).


Large operating companies with over 20 employees and $5 million in income.

*There are other, more narrow exemptions as well*

What to file?

  • Beneficial ownership information (BOI) report through the BOSS system.
  • Includes details like name, date of birth, address, and ID number for each “beneficial owner” (individuals with 25% ownership or substantial control).

Key points:

  • No filing fees.
  • Information used by law enforcement to combat financial crimes (not publicly accessible).
  • 90-day filing window for new businesses.
  • Deadline extended to January 1, 2025, for existing businesses.

Grab your free 2024 tax assessment and dive into the new tax landscape with expert guidance.

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