The Corporate Transparency Act (CTA), aka the Beneficial Ownership Information (BOI) reporting rule, is a U.S. law that was passed in 2021. It requires certain businesses to disclose ownership information to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). The federal law was created to increase business transparency.
There are civil and even criminal penalties for those who willfully violate the BOI reporting requirements. Possible violations include deliberately failing to file a beneficial ownership information report, deliberately filing false beneficial ownership information, or deliberately failing to update previously reported beneficial ownership information.
Any domestic reporting company created before January 1, 2024, must file an initial report no later than January 1, 2025. There is a list of required information to be submitted.
While some entities are exempt from beneficial ownership information reporting requirements, community associations are not.
Your company’s beneficial ownership information is reported electronically through FinCEN’s BOI E-Filing website https://boiefiling.fincen.gov/.
Should you have any questions or concerns about the act’s requirements, it is prudent to consult your attorney or CPA for guidance.
James Bourassa
VP of Property Management
Seacrest Services Inc.
