CTA Compliance: File Your BOI Report Before January 1, 2025

•3 min read

January 1, 2025, is the CTA compliance deadline. File your Beneficial Ownership Information (BOI) report to avoid penalties. MZLS assists businesses in Puerto Rico, Virginia, D.C., and beyond.

As the January 1, 2025, deadline approaches, businesses across the U.S. must file their Beneficial Ownership Information (BOI) reports to comply with the Corporate Transparency Act (CTA). This requirement applies to companies in all 50 states and territories, including Puerto Rico, Washington, D.C., and Virginia.

Non-compliance can result in steep penalties, including fines of up to $10,000 and potential imprisonment for up to two years.

If your business hasn’t yet filed, now is the time to act.

Who Needs to File?

The CTA mandates all “reporting companies” to file a BOI report, which includes:

  • Corporations

  • Limited Liability Companies (LLCs)

  • Similar entities created or registered to do business in the U.S.

Certain companies are exempt, but this must be confirmed based on the specifics of your entity. Businesses in Puerto Rico, Washington, D.C., and Virginia, as well as any other state, must evaluate their compliance obligations promptly.

For a deeper dive into these requirements, refer to our earlier article: The Corporate Transparency Act: What Businesses Need to Know.

What is Required in the BOI Report?

Your BOI report must include the following information for each beneficial owner of your company:

  1. Full Name

  2. Date of Birth

  3. Current Address (Residential or Business)

  4. Identification Document Details (e.g., Passport or Driver’s License)

Accuracy is key—errors or omissions can result in penalties.

Why the Deadline Matters

The Corporate Transparency Act aims to prevent financial crimes, including money laundering, fraud, and tax evasion, by increasing transparency about company ownership. The penalties for failing to meet the January 1 deadline are severe:

  • Daily Fines for non-compliance.

  • Criminal Penalties, including imprisonment.

  • Disqualification from government opportunities or contracts.

Acting now ensures your company remains compliant and avoids potential disruptions.

How MZLS Can Assist Nationwide

At MZLS, we assist companies nationwide, including those in Puerto Rico, Washington, D.C., and Virginia, to navigate CTA compliance. Our legal services are tailored to ensure that your BOI report is accurate, complete, and filed on time.

We can assist with:

  • Determining whether your business qualifies as a “reporting company.”

  • Collecting and verifying the necessary information for each beneficial owner.

  • Preparing and submitting your BOI report to FinCEN securely.

Specific Benefits for Puerto Rico, Virginia, and Washington, D.C.

While our services are available across the U.S., businesses in Puerto Rico, Washington, D.C., and Virginia face unique challenges and opportunities.

  • Puerto Rico: Companies operating in Puerto Rico benefit from our deep understanding of the island’s regulatory landscape, allowing us to align compliance with both federal and local requirements.

  • Virginia and Washington, D.C.: Our experience with entities operating in these highly regulated markets ensures compliance with both state and federal mandates, helping businesses maintain a strong legal standing.

Take Action Now

With the deadline fast approaching, the time to file your BOI report is now. Don’t risk penalties—ensure your business meets CTA compliance requirements before January 1, 2025.

Let MZLS guide you in achieving compliance and safeguarding your business’s future.