Who Can Help You With the CTA Beneficial Ownership Information Reporting?

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Time to File Your Beneficial Ownership Information (BOI) Report-Who to Call for Help?

The Corporate Transparency Act (CTA) mandates that most smaller business entities file a with the Financial Crimes Enforcement Network of the Treasury Department. We have shared this information before, but it seems that most business entities, and their owners have not addressed compliance yet. When it comes to estate planning, and particularly entities owned by trusts, determining who has to file as a beneficial owner is particularly complicated. That is a real issue because the penalties are about $600/day and jail time for non-compliance is even possible. So, if you might be affected, or any entity you are involved with might be a reporting company, or a trust you created or serve on, or hold powers over, might be impacted, you need to investigate filing.

Recent court cases in New Jersey and Iowa have given conflicting information on the ability of wealth advisers or CPAs are able to provide advice on the BOI Report. There are valid concerns about the risk of the unauthorized practice of law or UPL.

Who Can Help with BOI Filing?

CPAs and wealth advisers may be reticent or even prohibited from advising you on the CTA because of their risking UPL. So, who can help you? AJM&A has registered our law firm as a Company Applicant, so that we can file BOI reports on behalf of our clients. We are happy to complete and submit the initial BOI report for your company, all we need is a scan of your driver’s license. If we need any additional information, we will reach out and ask for it. Our flat fee for each initial BOI report is $400. If you would like us to do this for you, please send an email to boi@madonia.com and we will get that in process.

As the deadline to file your BOI report draws close – 12/31/24 – most businesses will have to file. Beneficial owners are anyone who owns at least twenty-five percent of the ownership interests of the entity. Each beneficial owner must report their full legal name, date of birth, current residential address, and driver’s license number, along with an image of their driver’s license. Each company must provide their legal name and any assumed name, street address, state of formation, and IRS taxpayer identification number.

Act soon, as the December deadline will soon be here. We need to have availability to help. Further, if your CTA filings require analyzing partnership, operating, or employment agreements, we may need the help of corporate counsel. If trusts own your reporting companies, you may require trusts and estate counsel to address those issues. If you might still have to file under the CTA, you should treat all of this as a warning to act quickly so you can get the guidance you might need before the deadline.