Corporate Transparency Act (CTA) Compliance Deadline is December 31

November 10, 2024

Reporting requirements under the Corporate Transparency Act (“CTA”) became effective as of January 1, 2024. By January 1, 2025, over 32 million small businesses are required to file a Beneficial Ownership Information report with FinCEN (the Financial Crimes Enforcement Network) under the Corporate Transparency Act. To date, FinCEN has received ~6M filings. You have approximately 50 days left to file.

EMA has partnered with Wolters Kluwer to help our small business members remain compliant and recommend taking the following steps immediately to avoid last-minute issues:

  1. Determine Qualification: Confirm whether your entity/entities need to file
    1. Qualifying Entities: Corporations, LLCs, and similar entities registered with the Secretary of State or equivalent office.
    2. Exempt Entities: Exempt entities include publicly traded companies, public utility companies, and entities that employ more than 20 employees, operate at a physical office in the United States, and filed federal tax returns demonstrating more than $5 million in gross receipts or sales.
  2. File BOI Reports Promptly: Use EMA’s endorsed BizFilings BOI reporting solution to file your reports.
  3. Click here to access the BizFilings platform and file now. Enter EMA12 at checkout for 12% off your filing.

To ensure you understand the key requirements and avoid severe penalties for noncompliance, here are the filing deadlines:

  1. Entities created before January 1, 2024:
    1. File initial BOI report by January 1, 2025.
    2. Update within 30 days of any business or ownership changes.
  2. Entities created on or after January 1, 2024:
    1. File initial BOI report within 90 days of formation (30 days starting in 2025).
    2. Update within 30 days of any business or ownership changes.