BREAKING NEWS December 2024
Dec 27, 2024
On December 26, 2024, adding yet another chapter to the Corporate Transparency Act (CTA) saga, the US Court of Appeals for the Fifth Circuit on December 26 issued an order vacating its stay of the Texas federal district court’s preliminary nationwide injunction barring the US government’s enforcement of the CTA.
Dec 23, 2024
On December 23, 2024, the Fifth Circuit Court of Appeals issued a stay on the district court’s nationwide injunction against the Corporate Transparency Act (CTA). This stay reinstates the BOI reporting requirements and prior deadlines at this time.
Dec 6, 2024
A Federal District Court has declared the Corporate Transparency Act to be unconstitutional, and has enjoined the Treasury Department from enforcing the Act. This would likely be appealed by the Government. It is currently uncertain if the law will stay, go or change. As a result we are monitoring and will provide new updates as we learn of them. We are still offering filing assistance for those that wish to proceed in case the filings remain enforceable. For those that wish to wait and see, please check back here for future updates.
New mandatory law for businesses
2024 Corporate Transparency Act – Required by 1/13/2025
Let us help you with fulfilling the required filings
Beneficial Owner Compliance
US Department of TreasurY Financial Crimes enforcement network (FINCEN)
Over 99% of every LLC and Corporation in the United States, now has a reporting obligation that it never had before.
The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities.
Corporations, LLCs, and other entities subject to the CTA are called “reporting companies.”
People who form new reporting companies must file a beneficial ownership information (BOI) report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) within 90 days of forming the company.
The owners of reporting companies created before 2024 must also file a BOI report, but they have until January 1, 2025 (after recent legal updates this date has been extended to 1/13/25).
Link to official government site for more info: https://www.fincen.gov/boi-faqs
Failure to comply could result in federal fines of $500 per day.
DUE DATES:
If your business was created before January 1, 2024, you need to file the initial report with FINCEN by December 31, 2024. (after recent legal updates this date has been extended to 1/13/25)
If your business was created on or after January 1, 2024, you have 90 days from the date the entity was created to file the initial report with FINCEN.
If your business is created on or after January 1, 2025, you have 30 days from the date the entity was created to file the initial report with FINCEN.
This is not an annual reporting requirement.
It is currently a one-time filing unless
there are changes to the information filed. In that case, you have 30 days to
file a corrected report.
Frequently Asked Questions
How does it work to hire us for your filing?
Once you sign up you will receive access to a filing portal within 2 business days. The portal will guide you through the submission process and we will provide support as needed to ensure your filing is complete and transmitted directly to FINCEN.
What is a beneficial owner?
Beneficial owners include anyone who directly or indirectly either exercises substantial control over reporting companies or who owns or controls at least 25% of the ownership interest of the reporting company; substantial control refers to control over important decisions of the company. This includes senior officers or who have authority to appoint officers directors among others.
Are there exceptions?
There are 23 different exceptions to reporting company definition, including any entity that employees more than 20 full-time employees in the US and the previous year file the federal income tax return in the US demonstrating more than $5 million in gross receipt or sales in the aggregate and has an operating presence at a physical office within the US the exemptions to CTA also include many industries that are already heavily regulated such as banks and insurance providers as well as publicly traded companies subject to the securities exchange commission.
What do I need for the filing?
For all beneficial owners:
1. full legal name
2. date of birth
3. home address (no PO Box)
4. The EIN's for all entities
5. A digital copy of a U.S. drivers license, front side only. OR the photo page of a passport. This cannot be expired.
6. Ownership percentage each person has.
7. WE WILL NEED THIS INFORMATION FOR ALL MEMBERS >25% / MANAGERS OF THE ENTITIES
What is the cost?
The cost for the service is $250
Call (623) 249-6833
Email: info@progrowthsolutions.com
Site: www.progrowthsolutions.com
