The Corporate Transparency Act (CTA) mandates all reporting companies to submit their Beneficial Ownership Information (BOI) report to FinCEN by December 31, 2024. Non-compliance with this federal requirement can result in significant penalties, including fines of up to $10,000 and imprisonment for up to two years.

We previously covered the CTA’s requirements in detail in our comprehensive article on the Corporate Transparency Act. This is a timely reminder to act now to ensure compliance and avoid penalties.

Who Must File BOI Reports?

The CTA applies to reporting companies, including:

• Corporations, LLCs, and similar entities created by filing with a U.S. state, territory, or tribal authority.

• Foreign entities registered to do business in the U.S.

Exemptions

Certain entities are exempt from BOI reporting, based on specific criteria outlined in FinCEN guidelines. For a detailed explanation of exemptions, refer to our previous blog post or contact us for clarification.

How MZLS Can Help

Navigating the CTA’s BOI reporting requirements can be complex. At MZLS, we provide tailored support to help businesses achieve compliance, including:

• Determining if your entities qualify as reporting companies.

• Preparing and submitting BOI reports to FinCEN.

• Ensuring accurate and timely filings to avoid penalties.

Act Now to Ensure Compliance

Don’t wait until the last minute. If you have not yet started gathering the necessary information or need assistance filing your BOI report, contact us today. Our experienced team at MZLS is ready to help you navigate this federal requirement.

At MZLS, we assist companies and beneficial owners from any jurisdiction in achieving compliance with the CTA, including BOI reporting requirements. Whether your business operates in Puerto Rico, Virginia, Washington, D.C., or beyond, our legal team is equipped to guide you through the process with precision and efficiency. We offer virtual consultations for your convenience or in-person meetings at our offices in Puerto Rico, Virginia, or Washington, D.C. Contact us today to schedule a session and ensure your business meets its compliance obligations with confidence.

Reply to this post or contact us with a list of entities requiring BOI reporting, and we’ll guide you through the process.