Follow this link to have a 3rd party complete your Beneficial Owner Filing(s)
Swyft Filings - Corporate Transparencey Act
Follow this link to register your company(s) yourself.
https://boiefiling.fincen.gov/boir/html
In response to the Court decision of Dec. 23 reinstating the Corporate Transparency Act's Beneficial Owner Provisions, the Financial Crimes Enforcement Network (FinCEN) has announced the following updated deadlines for beneficial ownership information (BOI) reporting:
Extended Deadlines for companies existing prior to 1/1/2024
Companies (LLC or corporation) created or registered (formed/created) before Jan. 1, 2024, must file their initial BOI reports by Jan.13, 2025 (extended from Jan. 1, 2025).
Extensions for Recently Created Companies
Companies (LLC or corporation) registered (formed/created) between Sept. 4, 2024, and Dec. 23, 2024, now have until Jan. 13, 2025, to file their BOI reports.
Companies (LLC or corporation) registered (formed/created) between Dec. 3, 2024, and Dec. 23, 2024, receive an additional 21 days from their original filing deadline.
Disaster Relief Extensions
Depending on their circumstances, companies qualifying for disaster relief may have filing deadlines beyond Jan. 13, 2025.
New Companies Started/formed/created in 2025
Companies registered on or after Jan. 1, 2025, must file their BOI reports within 30 days of their creation or registration becoming effective.
Additionally, plaintiffs in the case National Small Business United v. Yellen are not currently required to report their BOI to FinCEN.
This update follows the Fifth Circuit's stay of a nationwide preliminary injunction against the Corporate Transparency Act (CTA), pending the Department of the Treasury's appeal.
We will continue to monitor developments and alert you to any changes or updates as they occur.
BOI Update Alert: Appeals Court Reinstates BOI Filing Requirement
The 5th Circuit Court of Appeals has granted the government's emergency motion to stay a Texas district court's nationwide injunction against the Corporate Transparency Act (CTA). CTA requires nonexempt companies to report their beneficial owners. Before the Texas court's injunction, specified businesses formed prior to 2024 were required to file their initial beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025, and new businesses were required to file within 30 days.
The stay means the CTA is in effect. The court found that the government is likely to succeed on appeal, that leaving the injunction in place could cause significant harm, and that the public interest in preventing financial crimes outweighs any harm to the plaintiffs. The case will proceed quickly to the next available oral argument panel. FinCEN has yet to issue a response to the 5th Circuit's order.
In its budget discussions of last week, Congress did not extend the BOI compliance deadline for existing businesses to Jan. 1, 2026, so the original deadline of Jan. 1, 2025, remains in place. As a result, the 5th Circuit's decision has immediate implications for affected businesses.
Major reporting requirements
for LLCs and Corporations
starting January 1, 2024
Important Details about FinCEN's CTA Requirements:
Beginning on January 1, 2024, many companies in the United States, particularly small businesses, will be required to report information about their "beneficial owners" to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Beneficial owners are individuals who ultimately own or control the company. The following details are crucial for reporting:
- What to Report:
Legal Name (and Trade name/DBA if applicable)
Address
Jurisdiction in which the entity was formed (State of Secretary of State)
Taxpayer ID Number (FEIN, employer ID number)
Information about Beneficial Owners (individuals who own or control 25% or more of the entity)- Legal name, birthdate, address, License/passport #, image of license/passport from which the number came.
- Who is a Beneficial Owner (BO):
- Shareholders
LLC Members
Partners in LPs
Other individuals such as spouse, family members, friends, acquaintances, and off-books financiers could also be considered beneficial owners.
- Shareholders
- When to File:
- Businesses created with a Secretary of State filing prior to January 1, 2024, have one year to complete the initial filing.
- New entities created with a Secretary of State in 2024 must file the initial report within 30 days.
- Changes and corrections for any entity's beneficial owners must be filed within 30 days of the change.
Important Considerations:
- Exemptions: Entities with more than $5,000,000 in revenue and more than 20 employees. This is specifically targeted at small entities.
We would like to be able to assist you with this filing however the determination as to whether someone should be considered a beneficial owner has been determined to be the practice of law (at least for now). We are working on a solution that will allow us to assist our clients that does not cross the line into the unlicensed practice of law. Therefore, as of now, Financial Clarity Group will be referring CTA compliance to a third party. As soon as we have a link this post will be updated. You are able to file the reports and updates on your own or your attorney may be able to assist.
Consider writing your US congressional representatives.
Find your Ohio representatives here.
Find your Kentucky Representatives here
