BOIR Compliance Has Been Paused
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Navigating new legal requirements can be overwhelming, especially when the stakes are high. With the Corporate Transparency Act (CTA) now in effect, businesses must report Beneficial Ownership Information (BOI) to stay compliant—or face significant penalties.
At Monday Law, we make compliance simple and stress-free. Whether you’re filing for the first time or updating your records, we’ll ensure your business meets every requirement with confidence.
What is the Corporate Transparency Act (CTA)?
Starting January 1, 2024, many U.S. businesses must report details about their Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury. This new requirement is part of the U.S. government’s push to prevent bad actors from using anonymous shell companies to hide illicit activities.
The Corporate Transparency Act (CTA) introduces a mandatory Beneficial Ownership Information Report (BOIR) filing for non-exempt companies, separate from tax filings or other business documentation. The goal is simple: to bring transparency to company ownership in the U.S.
Who Needs to File?
Reporting Companies are required to comply. This includes most corporations, LLCs, and other entities formed by filing with a secretary of state or similar office. If you own or operate:
- A small to medium-sized business
- A real estate holding company
- Or even an inactive LLC
You likely need to file. Businesses exempt from this requirement include publicly traded companies, banks, and larger entities with more than 20 employees and $5 million in annual revenue.
Responsibility falls on business owners and senior officers to ensure accurate and timely reporting. Mistakes or non-compliance could result in serious consequences.
What Needs to Be Filed?
Every Reporting Company must submit a Beneficial Ownership Information Report (BOIR) that includes:
- Five pieces of Personal Identifiable Information (PII):
- Name
- Date of birth
- Address
- Government-issued ID (e.g., passport, driver’s license)
- Similar Taxpayer ID
For businesses formed after January 1, 2025, details about the Company Applicant—the person responsible for creating the company—are also required.
Deadlines You Can’t Miss
- Businesses formed before January 1, 2024: Report BOI by January 1, 2025.
- Businesses formed after January 1, 2025: File BOI within 30 days of formation.
- Updates or corrections to previously filed reports must be submitted within 30 days.
Staying on top of these deadlines ensures compliance and avoids penalties.
Penalties for Non-Compliance
Non-compliance with the CTA can result in hefty fines and criminal penalties, including:
- Civil penalties of up to $500 per day (adjusted for inflation).
- Criminal penalties including up to 2 years in prison and fines of up to $10,000.
Accurate and timely filing is non-negotiable. Let Monday Law help you stay compliant and protected.
Get Compliant with Monday Law
We get it—this can feel overwhelming. That’s where we come in. Monday Law specializes in BOIR compliance, making the process simple and stress-free for you.
Our Services Include:
- Full Intake & Analysis: We review your corporate documents to determine compliance requirements.
- Identification of Beneficial Owners & Company Applicants: We pinpoint the key individuals required for reporting.
- Secure Document Submission: We provide encrypted links for safe document uploads and handle filings on your behalf.
- Fixed Fee Transparency: No surprise bills—just clear, upfront pricing.
You likely need to file. Businesses exempt from this requirement include publicly traded companies, banks, and larger entities with more than 20 employees and $5 million in annual revenue.
Responsibility falls on business owners and senior officers to ensure accurate and timely reporting. Mistakes or non-compliance could result in serious consequences.
Frequently Ask
Questions
What is the purpose of the CTA?
The CTA aims to eliminate corporate anonymity and prevent illegal activities like money laundering and tax evasion.
Does the CTA apply to foreign companies?
Does the CTA apply to foreign companies?
Who qualifies as a Beneficial Owner?
Anyone who directly or indirectly owns or controls 25% or more of a company, or exercises substantial control.
What happens if information changes after I file?
You must update your report within 30 days of the change.
Can Monday Law file the BOIR on my behalf?
Yes! We handle everything, ensuring accuracy and peace of mind.
Why Choose Monday Law?
With years of experience in compliance and corporate law, Monday Law is your trusted partner in navigating BOIR requirements. We simplify the process, protect your interests, and ensure you meet every deadline—without the stress.
