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Since earlier this year, we have been providing information to our clients regarding the Corporate Transparency Act (the “CTA”), the federal law that came into effect on January 1, 2024.  Please review our initial letter, which you can find here, for a detailed description of important reporting obligations that your company might be subject to. We are also including a link to the update that we sent out a few months ago, which can be found here. 

The purpose of this letter is to remind you of a fast-approaching filing deadline.   Any entity that was created or registered before January 1, 2024, and which is not exempt from the reporting obligations under the CTA, must file its BOI report before the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) not later than December 31, 2024.  As we stated in our previous letter, we are expecting a large number of online filings to occur closer to such date, and therefore encourage you to file your report soon, so as to avoid potential technical difficulties which may result in delays in your compliance with the filing obligation.  Please bear in mind that penalties for failure to timely report the information required by the CTA may result in substantial economic penalties and/or imprisonment.

The deadline for filing of the BOI report for entities formed during 2024 will continue to be ninety (90) days from the date of formation. Please note, however, that this time frame will be substantially reduced starting on January 1, 2025, after which date any new entity that is formed shall file its BOI report within 30 days from the formation date.

Please note that this letter is sent for informational purposes only and does not constitute legal advice

If you have any questions regarding the CTA, please don’t hesitate in contacting our office at (281) 367-2222 or acasas@stibbsco.com.