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Update on The Corporate Transparency Act BOI Report

Updated: Feb 7


how-to-e-file-boi-report
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The Corporate Transparency Act (CTA) took effect January 1, 2024, and affects all of LLCTLC's clients. All entities are required to report “Beneficial Ownership Information” (BOI) - information about the individuals who ultimately own or control the company.


*For entities filed before January 1, 2024, you have until January 1, 2025 to file your report. For entities filed  this year (on or after January 1, 2024), the report must be filed within 90 days.


LLCTLC clients are responsible for filing BOI reports on behalf of their Montana LLC or Montana Corporation. Hefty fines may be imposed by FinCEN for non-compliance.


The process is straightforward:

  1. Have your EIN or SSN handy - you will use this for your Tax Identification Number in the report.

    1. If you had us apply for an EIN for your LLC, it can be found in your company docs in your client portal.

  2. File the BOI Report online here: https://boiefiling.fincen.gov/

    1. Be sure to have an electronic copy of identification for each *beneficial owner handy.

BOI has put together a very helpful step-by-step guide:


how-to-e-file-boi-report
.pdf
Download PDF • 2.79MB

Helpful Links:


*Beneficial Owner: A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control (see Question D.2) over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests (see Question D.4).


*The only acceptable forms of identification are:

  • A non-expired U.S. driver’s license (including any driver’s licenses issued by a commonwealth, territory, or possession of the United States);

  • A non-expired identification document issued by a U.S. state or local government, or Indian Tribe;

  • A non-expired passport issued by the U.S. government; or

  • A non-expired passport issued by a foreign government (only when an individual does not have one of the other three forms of identification listed above).



*The act, signed into law January 1, 2022, outlines new reporting requirements for all LLCs and Corporations, as outlined by the Financial Crimes Enforcement Network (FinCEN) - a division of the US Department of the Treasury. 

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