Corporate Transparency Act Creates a New Beneficial Ownership Information Reporting Requirement
We want to make sure you are aware of important changes
impacting some companies this year. As
you may know, Congress passed the Corporate Transparency Act in 2021 creating a
new beneficial ownership information (BOI) reporting requirement for many
- A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
- A reporting company created or registered on or after January 2, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.
Additional information, including a list of exempt
entities, and reporting instructions can be found at www.fincen.gov/boi.
If you have any questions about this requirement, please
feel free to reach out to one of our B. Riley Wealth Tax Services offices. Click
here to find an office near you.
Be aware that there are penalties for not filing if this
new requirement applies, and penalties for not updating the filing if or when
reportable changes to the business or ownership take place.
If B. Riley Wealth Tax Services files on your behalf,
we will provide you a copy of your filing, but will not be responsible for any
penalties incurred if the information that you provide is inaccurate, or if you
do not inform us of any changes to beneficial owners or business address on a timely