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The Corporate Transparency Act known as the “CTA” is requiring millions of businesses to file a Beneficial Ownership Information Report, known as “BOI” or “BOIR” with the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN). The purpose of this Act is to help prevent money laundering and numerous other illegal activities. Non-compliance of this Act can result in civil penalties and even criminal charges. Which businesses are affected by the Corporate Transparency Act? The following entities below must file a Beneficial Ownership Information Report (BOIR) with Financial Crimes Enforcement Network (FinCEN), unless they qualify for an exemption. U.S. corporations, including S-Corps; Limited Liability Companies (LLCs), Series LLCs; Any entity that are created by the filing of a document with a Secretary of State or similar office, Homeowners Associations, etc; Any Entity that are created under the law of a foreign country and is registered to do business within the United States of America. This registration was completed by filing a document with a Secretary of State or similar office. Trusts and in some cases the Trustees, Grantors and Beneficiaries. Even if you formally dissolve a domestic entity or withdraw a foreign entity in 2024, you must file an initial BOI report for it by December 31, 2024. Every reporting company must report a Taxpayer Identification Number (“TIN”). This also could include any of the following: an Employer Identification Number (“EIN”), a Social Security Number (SSN), or and Individual Taxpayer Identification Number (“ITIN”). If the entity is foreign, they may use a TIN from a foreign jurisdiction if there is no U.S. reporting identification number. The BOI Reporting Deadline is December 31, 2024. The fines are over $500 a day (currently $591 adjusted for inflation since the Act passed) and possible imprisonment. There are on-going implications of this Act which require reporting in the fu