Helping your clients prepare for year-end can seem like an uphill struggle. Changes in operating structure, expanding into new states, adding or changing lines of business, and more, all present compliance challenges.
In 2024, many companies (called reporting companies) must file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network, as required by the Corporate Transparency Act. Domestic reporting companies created before 2024 and foreign (non-US) reporting companies registered in the US before 2024 have until January 1, 2025 to file their initial report. Reporting companies created or registered in 2024 have 90 calendar days after receiving notice of creation or registration to file. Assist clients by informing them about filing requirements, deadlines, and reportable information. Your law firm may also need to comply with this mandate if it is structured as an entity, such as a professional corporation or LLC, that is created by the filing of a document with the state business entity filing office and is not exempt.
Timely and correct filings are critical to ensuring every box on your clients’ compliance checklist is checked and an early start is key, especially in complex fields such as foreign entity compliance (made more urgent by holiday closings at international government offices).
Check out this easy-to-follow roadmap to help you pave the way to compliance and ensure a smooth journey this year-end. Pin it to your wall and share it with your clients. And don’t forget, CT Corporation is here to help you at every turn.
