Assalamualekum All, As you may be aware, at the beginning of 2024 a new federal law went into effect which effects most entities in the US called the Corporate Transparency Act (the “CTA”). The CTA requires certain information with respect to each Beneficial Owner of an entity to file certain information with the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). For any entities formed before January 1, 2024, such information is required to be filed before December 31, 2024. For entities formed this year, this information is required to filed within 90 days of formation. For more detailed information about the CTA and what is required to be filed, please see the attached memo I received from an attorney friend. Failure to file will result in steep penalties and possible criminal penalties.

The BOI E-Filing System can be found here: https://boiefiling.fincen.gov/. You can do the filing yourself, it took me 10 minutes to complete the process. Make sure you save the transcript. Hope this helps.

Wasim Khan
Paradigm Business Brokers