Corporate Transparency Act Compliance

Gravis Law’s Business Team is excited to introduce our service for Corporate Transparency Act Compliance, specifically designed to help businesses navigate FinCEN BOI Reporting.

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What Is FinCEN BOI Reporting?

FinCEN BOI reporting is a new mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) in 2024. This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the government's efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024 and it is enforced by potential penalties including fines of $500 per day up to $10,000.

Who Is Affected?

Entities required to report under this regulation include corporations, limited liability companies, partnerships, and other entities created by filing a document with any Secretary of State (or similar State office). The majority of for-profit business entities will be required to file this report unless they qualify for an exemption.

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What are the Due Dates to Submit the Report?

Entities created before Jan. 1, 2024, will have until Jan. 1, 2025 to submit the report.

Entities created on or after January 1, 2024 and before Jan 1, 2025, will have 90 days from creation or registration to submit the report.

Entities created on or after Jan. 1, 2025, will have 30 days from creation or registration to submit the report.

How We Can Help

Our Business Law attorneys can help with this mandatory filing. We use a specialized web platform to make the process easy and uncomplicated. We’ll use the platform to securely and quickly collect your filing information to complete your report.

The CTA Compliance Service is based around a convenient flat-fee which the attorney will cover during the consultation. Failure to comply with the Corporate Transparency Act reporting requirements can result in fines, penalties, or even criminal charges. Give yourself the peace of mind knowing you have the support to make sure your business is properly set up for compliance.

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More Information on the Corporate Transparency Act (CTA)

The CTA requires that all entities registered with a secretary of state’s office or Indian tribe file a Beneficial Ownership Information report (“BOI Report”) with the Financial Crimes Enforcement Network (“FinCEN”). The federal government means business because the CTA authorizes FinCEN to impose both civil and criminal penalties on individuals who fail to comply with the CTA’s reporting requirements. While there are a number of exceptions to these reporting requirements, reporting companies created after January 1, 2024, must file a BOI Report within 90 days of their formation. And for entities formed prior to December 31, 2023, the BOI Reports must be filed prior to January 1, 2025.