BOI FILING REQUIRED: The New Deadline for BOI Filing Is January 13, 2025

The Corporate Transparency Act – Beneficial Ownership Interest Registration

The Corporate Transparency Act (CTA) mandates that certain business entities report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This initiative improves transparency and combats financial crimes like money laundering, fraud, and tax evasion. Businesses that fail to comply could face significant penalties.

At Katz & Associates, we are dedicated to making the BOI filing process seamless and stress-free, ensuring your compliance with federal regulations.

Who needs to file?

The BOI reporting requirements apply to most U.S.-based entities. You are required to file if:

Your business is a corporation, LLC, or similar entity created or registered to do business in the U.S.

You are not exempt under specific criteria (e.g., certain publicly traded companies, government entities, or other exempt organizations).

What Information is Needed for the BOI Report?

You’ll need to provide the following information to file your BOI report:

For the Business:

• Legal Name of the Business
• Any Trade Names or DBAs (Doing Business As)
• Principal Business Address
• State of Formation
• Employer Identification Number (EIN)

For Each Beneficial Owner [25% or more ownership or control of business]:

• Full Legal Name
• Date of Birth
• Residential Address (not a business address)
• Unique Identifying Number (e.g., Social Security Number or Passport Number)
• Copy of a Government-Issued ID (e.g., Driver’s License or Passport)

For Company Applicants (if applicable):

• Full Legal Name
• Date of Birth
• Business Address
• Government-Issued ID

Why You Need a Trusted Attorney for Your BOI Filing

The BOI filing process involves sensitive information and strict compliance with federal laws. While many service providers and non-attorney directories claim to offer BOI filing assistance, there are critical reasons to work with a licensed attorney instead:

1. Confidentiality and Security

Your BOI report contains highly sensitive personal and business information. An attorney ensures this data is handled with strict confidentiality and stored securely in compliance with privacy laws.

2. Expert Legal Guidance

Filing a BOI report isn’t just about filling out forms—it’s about ensuring compliance with complex federal regulations. A trusted attorney can assess whether your business is subject to filing requirements, advise on potential exemptions, and help you avoid costly mistakes.

3. Accountability and Access

Unlike faceless online services, working with an attorney means having a direct point of contact. At Katz & Associates, you’ll speak to a dedicated legal professional who understands your business and can answer your questions at any time.

4. Avoiding Penalties

Incorrect or incomplete BOI reports can result in severe penalties, including:

• Civil Penalties: Up to $500 per day until the report is corrected.
• Criminal Penalties: Fines up to $10,000 and/or imprisonment for up to two years.

By working with an attorney, you minimize the risk of errors and ensure full compliance.

Beware of Non-Attorney Service Providers

Many non-attorney services advertise low-cost BOI filing assistance, but these providers often lack the expertise to navigate the legal intricacies of the Corporate Transparency Act. Worse, they may:

• Misinterpret filing requirements, leading to errors and penalties.
• Store your sensitive information insecurely, risking data breaches.
• Provide little to no accountability—you won’t be able to reach a licensed professional to resolve issues.

When you work with Katz & Associates, you’re partnering with experienced attorneys who are committed to protecting your business interests.

FIND OUT HOW TO FILE YOUR BOI