The CTA and BOI Reporting to FinCEN
We have previously alerted you to a new reporting requirement for small businesses as a result of the Corporate Transparency Act that was enacted in January 2021. We initially took a wait and see approach to the new reporting requirements in hopes that they would be delayed or waived. Despite a Supreme Court ruling in March that the Act is unconstitutional, it is becoming increasingly unlikely that there will be any relief from this requirement before the January 1, 2025 deadline to file. Therefore, we are advising all clients to review the rules to determine if you might be required to file. Even if you aren't a small business owner, if you ever set up an LLC for your Schedule C business or for a rental property, you might need to file and the penalties for not filing can be severe. This article outlines everything you need to know.