Reporting Requirement for all corporations and LLCs

By Jill O'Connor-Rumohr

You need to be aware of the Corporate Transparency Act from 2021’s rule that went into effect January 1, 2024.  You may (most) or may not (some) need to fulfill this “ONE TIME ONLY” reporting requirement.  Links for each snip are below.

In a nut shell, if your corporation or LLC was registered prior to 1/1/24 you have until 12/31/24 to file.  If your corporation or LLC was registered in 2024, you have 90 days to file.  The penalty is $500 / day, so DO NOT DELAY reviewing if you need to file. 

https://www.fincen.gov/boi

Link to Report BOI