Lapeer: (810) 664-4470

Rochester: (248) 601-9500

Rochester: (248) 601-9500

Lapeer: (810) 664-4470

Mattina, Kent & Gibbons, P.C.

Certified Public Accountants

Pursuant to the new federal law called the Corporate Transparency Act (“CTA”), beginning January 1, 2024, any business entity (Corporation, Partnership or LLC) is now required to report beneficial ownership information (“BOI”) to the Financial Crimes Enforcement Network (FinCen).  This reporting is aimed at the prevention of money laundering. 

The filing of this information can be completed online at https://www.fincen.gov/boi.  Any entity created prior to January 1, 2024 must file its initial report by January 1, 2025.  Any company created on or after January 1, 2024 and before January 1, 2025 must file its initial report within ninety (90) days of the business creation.  Any company created January 1, 2025 and after will have thirty (30) days from creation to file its initial report.

Assisting you with your compliance with the Corporate Transparency Act, including beneficial ownership information (“BOI”) reporting, is not within the scope of our tax engagements.  You have the sole responsibility for your compliance with the CTA, including its BOI reporting requirements and the collection of relevant information.  Consider consulting with legal counsel if you have questions regarding the applicability of the CTA’s reporting requirements and issues surrounding the collection of relevant ownership information.

The following links include information on the reporting requirements:

https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf

https://www.fincen.gov/boi-faqs