NOTE:  THIS POST HAS BEEN UPDATED BY THE 12/28/24 POST.  The Department of the Treasury’s Financial Crimes Enforcement Network is back to enforcing its required Beneficial Ownership Information reporting with slightly delayed deadlines.  These filing requirements apply to domestic and foreign corporations and limited liability companies and any other entities created with a filing with a secretary of state or other similar office.  Please review FinCEN’s alert at https://fincen.gov/boi to determine the deadlines that apply for each of your business entities and to read the latest official alerts.  BUSINESSES FORMERLY REQUIRED TO REPORT BY JANUARY 1, 2025 HAVE UNTIL JANUARY 13, 2025 TO FILE THEIR INITIAL BENEFICIAL OWNERSHIP INFORMATION REPORTS WITH FINCEN.

Because of the harsh penalties for failing to comply with the CTA and reporting requirements (criminal penalties of up to two years of imprisonment and a fine of up to $10,000 and/or civil penalties of $591 per day increased annually by inflation) it’s very important to determine if your business entity is required to report and by when.

Please be sure that you are working with your accountant and/or attorney to monitor the status of the BOI reporting requirements for your own organizations, and that you understand the requirements and penalties for failure to comply with the CTA.

NOTICE THAT THIS IS NOT LEGAL ADVICE:  The information in this blog post is provided for general informational purposes only.  The information contained in this post should not be construed as legal advice from Rental Property Association of WI, Inc. or its individual author.  Please seek appropriate legal or professional advice on the particular facts and circumstances that you may have at issue from a lawyer licensed to practice law in your state or jurisdiction if you wish to obtain legal advice about any matter.