Effective January 1, 2024, theĀ Corporate Transparency Act (CTA)Ā brings new filing requirements for US businesses.
- 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).
Exemptions:
Large operating companies with over 20 employees and $5 million in income.
*There are other, more narrow exemptions as well*
- 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.