Important Update: Corporate Transparency Act (CTA) Filing Requirement

As a business owner, there’s an important federal filing you need to complete to avoid potential penalties. Under the Corporate Transparency Act (CTA), all businesses registered to operate in a state—such as LLCs, Corporations, S-Corps, and Partnerships—must file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN)by March 21, 2025.

Who needs to file?

Any business registered to do business in a state, including:

- LLCs.

- Corporations.

- S-Corps.

- Partnerships.

What information is required?

The filing process is relatively straightforward and requires:

• Basic company details (entity name, tax ID).
• Beneficial owner information (full name, residential address).
• Identification documents (copy of driver’s license or passport).

Where should you file?

You can submit your BOI Report directly through FinCEN's website.

Have there been any legal updates?

The CTA has been the subject of multiple legal challenges, resulting in temporary nationwide injunctions. However, courts have lifted all injunctions, and FinCEN has confirmed that the filing deadline remains March 21, 2025.

Need help? Watch this.

To make the process easier, we’ve put together a short video explaining what you need to do:

Questions?

If you have any concerns or need further clarification, feel free to reach out to Andrew Payne at apayne@creativeone.com.

Don’t delay—ensure your business remains compliant before the deadline!