We sent out word that the Corporate Transparency Act was again on hold, and what do you know? The news has changed again! Who's paying for all this whiplash?
HERE'S THE MOST RECENT NEWS:
Justices allow enforcement of corporate transparency law to go forward - SCOTUSblog
⊕ If you value your privacy (and before voluntarily filing your information), we highly recommend you check out this link with more information on the CTA, why you should be concerned, the likely outcomes, and a video announcement from attorney Jeff Watson: https://marei.org/corporate-transparency-act-unconstitutional/
Should you file now or wait a bit longer? That is up to you and your advisors, but you can't unfile should the rulings change yet again. Check to see what information you might need and be ready. If you have all the required info, it only takes a few minutes per entity to file.
Link to File: https://boiefiling.fincen.gov/fileboir
In case you're still unclear how exactly the CTA affects independent investors, under the Corporate Transparency Act (CTA), independent real estate investors are required to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
1. **Identify Reporting Company Status**:
Determine if your business qualifies as a reporting company. This includes corporations, LLCs, and other similar entities formed or registered in the U.S
2. **Submit BOI Reports**:
Provide information about the company, including its name, address, state of formation, and Tax Identification Number (TIN)
3. **Report Beneficial Owners**:
Identify individuals who have an ownership interest of at least 25% or exercise substantial control over the company. This includes providing their full legal name, date of birth, current address, and a unique identifying government ID number
4. **Report Company Applicants**:
For companies formed after Jan 1, 2024, they must also Report information about the individual who filed the formation documents