Re:  Corporate Transparency Act- Beneficial Ownership Information Report Filing Requirement

This letter is to inform you that pursuant to the Corporate Transparency Act mostcorporations (including S corporations) and limited liability companies (LLC’s) (ie: reporting companies) formed through the Secretary of State are now required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) (“BOI Report”).  The BOI report is required to be submitted using FinCEN’s electronic filing system. For entities such as yours, which was created or registered before 2024, the initial report is due by January 1, 2025.  The penalties for willfully failing to file the initial report are steep-$500 per day that the report is late, up to $10,000 and imprisonment for up to two years.  Therefore, it is imperative that you take action to ensure that your entity’s BOI Report is timely filed. 

Please be aware that our firm will not be filing the initial BOI Report for your entity. It is your responsibility to make sure that the BOI Report is timely submitted.  For your reference, we have included a Corporate Transparency Act- Beneficial Ownership Information Report Fact Sheet with basic information regarding the preparation and submission of your entity’s BOI Report.    

As always, Harvell and Collins, PA. seeks to keep our clients informed regarding the latest statutes, regulations, and case law that affects you and your business entities.  While we understand that the Corporate Transparency Act and its Beneficial Ownership Information Report requirement may be surprising to you, we wanted to provide this information to you so that you can ensure that your entity’s BOI Report is timely filed.