{"id":2009,"date":"2024-11-19T05:29:00","date_gmt":"2024-11-19T10:29:00","guid":{"rendered":"https:\/\/www.mgocpa.com\/?post_type=perspective&#038;p=2009"},"modified":"2025-07-16T09:37:52","modified_gmt":"2025-07-16T14:37:52","slug":"beneficial-ownership-reporting-deadline-approaches-are-you-prepared","status":"publish","type":"perspective","link":"https:\/\/www.mgocpa.com\/perspective\/beneficial-ownership-reporting-deadline-approaches-are-you-prepared\/","title":{"rendered":"Beneficial Ownership Reporting Deadline: Are You Prepared?"},"content":{"rendered":"\n<p>The January 1, 2025, deadline for the\u00a0<a href=\"\/perspective\/countdown-to-corporate-transparency-act-reporting-is-your-business-prepared\/\" target=\"_blank\" rel=\"noreferrer noopener\">Corporate Transparency Act<\/a>\u00a0(CTA) beneficial ownership reporting requirement is fast approaching. This law, aimed at enhancing transparency and combating financial crimes like money laundering and tax evasion, mandates many businesses to disclose ownership details to the U.S. Department of Treasury\u2019s\u00a0<a href=\"https:\/\/fincen.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">Financial Crimes Enforcement Network<\/a>\u00a0(FinCEN).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Who Needs to File?<\/h2>\n\n\n\n<p>Most U.S. corporations and limited liability companies (LLCs) must report unless they qualify for one of the 23 exemptions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Information Must Be Reported?<\/h2>\n\n\n\n<p>You\u2019ll need to submit details about \u201cbeneficial owners\u201d who:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Hold or control at least 25% of the company, or<\/li>\n\n\n\n<li>Exercise substantial influence over business decisions, even without owning shares.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Beneficial ownership encompasses individuals with control, such as senior officers or those who have authority over company governance.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Deadlines:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Existing Companies (formed before January 1, 2024):<\/strong>&nbsp;File by January 1, 2025.&nbsp;<\/li>\n\n\n\n<li><strong>New Companies (formed after January 1, 2024):<\/strong>\u00a0Must report within 90 days of registration.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What Are the Risks of Noncompliance?<\/h2>\n\n\n\n<p>Failing to comply with the reporting requirements can result in serious consequences. Companies may face civil penalties of up to $10,000 and possible criminal charges. Corrections for errors or omissions must be made within 90 days of the original submission to mitigate penalties.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Can MGO Support You?<\/h2>\n\n\n\n<p>We want to emphasize that the CTA mandate and support materials are detailed and legal in nature. While MGO\u00a0<strong>does not<\/strong>\u00a0assist in preparing or filing these reports, we can connect you with reputable legal professionals who can help. If you need a referral or have questions, don\u2019t hesitate to contact your MGO advisor.<\/p>\n\n\n\n<p>For more information,\u00a0<a href=\"https:\/\/fincen.gov\/boi\" target=\"_blank\" rel=\"noreferrer noopener\">visit the FinCEN website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The January 1, 2025, deadline for the\u00a0Corporate Transparency Act\u00a0(CTA) beneficial ownership reporting requirement is fast approaching. This law, aimed at enhancing transparency and combating financial crimes like money laundering and tax evasion, mandates many businesses to disclose ownership details to the U.S. Department of Treasury\u2019s\u00a0Financial Crimes Enforcement Network\u00a0(FinCEN). Who Needs to File? Most U.S. corporations [&hellip;]<\/p>\n","protected":false},"featured_media":2010,"template":"","meta":{"_acf_changed":false,"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"perspective_topic":[275,64,15],"perspective-type":[42],"class_list":["post-2009","perspective","type-perspective","status-publish","has-post-thumbnail","hentry","perspective_topic-corporate-transparency-act","perspective_topic-tax-compliance-insights-resources","perspective_topic-tax-solutions","perspective-type-articles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are You Ready for the BOI Reporting Deadline? - MGO CPA | Tax, Audit, and Consulting Services<\/title>\n<meta name=\"description\" content=\"The deadline for the\u00a0Corporate Transparency Act\u00a0(CTA) beneficial ownership information (BOI) reporting requirement is fast approaching.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mgocpa.com\/perspective\/beneficial-ownership-reporting-deadline-approaches-are-you-prepared\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are You Ready for the BOI Reporting Deadline? 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