Important Information about the 2024 National Corporate Transparency Act

2024 National Corporate Transparency Act

File BOI Now

What is the Corporate Transparency Act & How Can Servico Assist You?

Starting January 1, 2024, the Corporate Transparency Act (CTA) is changing reporting regulations for US businesses. Beginning then all domestic and foreign companies registered or doing business in the US will have to file a Beneficial Ownership Information Report (BOI). This report is filed with the Financial Crimes Enforcement Network (FinCEN) – a federal division created through this act.

Servico will be filing the initial BOI for any businesses we assist in forming beginning 01/01/2024 and can also assist in fulfilling the reporting requirements for any existing businesses.

Deadlines vary based on the date the business was formed:

  • Businesses formed before 2024 must file before January 1, 2025.
  • Businesses formed 2024 or after must file within 90 days of initial formation.
  • Within 30 days of any changes after an initial report is filed.

The information needed for the filing of the BOI varies based on the date of formation but includes information such as:

  • Name, Address, and Tax ID of the Entity
  • Filer Information (who submits the document to the state)
  • Owner information (Name, Address, Date of Birth, Valid ID)

There are exemptions to the BOI requirements, but most businesses are required to file. Failure to do so can result in fines and/or jail time.

For more detailed information and answers to any questions please visit: https://www.fincen.gov/boi-faqs