Hi,

Our law office doesn't spam people. So, if we reach out, it's important!

Here's why we're writing to you:

The new Federal Corporate Transparency Act ("CTA") requires certain businesses to file a Beneficial Ownership Information Report ("BOIR") to a federal agency called FinCEN. This includes most corporations, LLCs, irrevocable trusts, and other business entities formed in the U.S. after January 1, 2024, and existing entities by January 1, 2025. 

Deadlines for filing depend on when the business was formed: 

New businesses: Within 90 days of formation or public notice of formation.

Existing businesses: By January 1, 2025.

What is this about?

The Corporate Transparency Act (CTA) Beneficial Ownership Information Report (BOIR) is a new federal requirement for certain businesses to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Beneficial owners are individuals who exercise substantial control over an entity or own 25% or more of the entity's ownership interests. The goal of the CTA is to increase transparency and help combat financial crimes, such as money laundering and terrorist financing. Businesses subject to the CTA must file an initial BOIR and update it as needed to ensure accurate and up-to-date information.  

Here's a step-by-step guide on how a Texas business owner can file their CTA BOIR online:

Step 1) Determine if you need to file: Not all businesses are required to file a BOIR. Check FinCEN's guidelines to see if your business falls under the reporting requirements. Note that our law office does not handle tax or federal filing requirements. So, if you're unsure about whether or not you need to file, talk with your CPA or other tax pro.

Step 2) Gather necessary information: You'll need information about your business, such as its legal name, address, and EIN. You'll also need information about your beneficial owners, including their full legal names, addresses, dates of birth, and identification numbers (like a driver's license or passport number). If you own the business, then you're a beneficial owner.

Step 3) Start the filing process:You can create a FinCEN account and start the BOIR filing process at the following URL:

https://boiefiling.fincen.gov/ 

You'll need to provide information about your business and your beneficial owners.

Step 4) Verify information: Carefully review the information you've entered to ensure it's accurate and complete.

Step 5) Submit the report: Once you're satisfied with the information, submit your BOIR. You'll receive a confirmation number once your report is successfully submitted.

Additional Tips:

- Keep a copy of your BOIR and all supporting documentation.

- If you have any questions or need further assistance, you can contact FinCEN directly or consult with a tax professional.

Before we let you go, we have to ask....

Is everything in your Will and/or Trust still up to date? We'd love to help! We can schedule a phone, Zoom, or in-person discussion to make sure your estate plan is current.

Set up a time by following this link, by emailing estate@shuttlawfirm.com, or by calling 214-302-8197.

Isaac D. Shutt

Attorney and Mediator

Shutt Law Firm, PLLC

Phone: 214-302-8197

Web: www.shuttlawfirm.com

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