Need to complete your FinCEN report?
The law firm of Hedger & Hedger located in Hertford, North Carolina, is committed to the philosophy that counsel to business organizations, their executives and owners must justify an investment in legal services by providing a meaningful return on this investment. As such, assisting our firm’s clients to comply with the complex legal and tax requirements of conducting business is but one goal of our representation.
We welcome the chance to apply our experience and expertise to your business opportunity. Contact us at 717-215-9703 or use the form on our Contact page.
Hedger & Hedger, 115 Country Club Drive, Hertford, NC 27944
717-215-9703
In 2021 Congress enacted the Corporate Transparency Act (CTA) which became effective on January 1, 2024. The CTA is intended to protect national security by combatting the use of “shell” companies to commit money laundering, tax evasion, fraud, corruption, terrorism and other illegal activities.
To this end, the CTA requires that most small businesses formed by filing organizational documents with government agencies (“reporting companies”) file Beneficial Ownership Information Reports (BOIRs) with the Financial Crimes Enforcement Network (FinCEN).
Reporting companies may include business corporations, professional corporations (PCs), limited liability companies (LLCs), limited partnerships (LPs), limited liability partnerships (LLPs) and other entities formed pursuant to filings with a secretary of state or similar office. Sole proprietorships and general partnerships are among the entities exempt from compliance with the CTA.
Reporting companies formed prior to 2024 have until January 1, 2025 to file their BOIR with FinCEN. Reporting companies formed in 2024 have 90 days from their date of formation to file their BOIR. Reporting companies formed after 2024 will have 30 days from their date of formation to file their BOIR.
Noncompliance with the CTA can result in civil penalties of up to $500 per day and criminal penalties of $10,000 and/or 2 years in jail.
A company can learn on this site, without charge, whether it is a “reporting company” and subject to the filing requirements of the CTA. Simply answer the few questions below and the company’s “reporting company” status will appear.