Dear Business Owner or Representative,
We would like to inform you of an important update regarding the Corporate Transparency Act (CTA), which requires all businesses to register their beneficial owners with the Financial Crimes Enforcement Network (FinCEN). This is a federal requirement aimed at combating money laundering and terrorism financing.
The Georgia Secretary of State has begun sending notifications about this new regulation. Here’s what you need to know:
- Businesses formed or registered before January 1, 2024, must file their initial report with FinCEN by January 1, 2025.
- Businesses formed on or after January 1, 2024, must file their report within 90 calendar days of formation.
- Starting January 1, 2025, newly formed businesses must file within 30 calendar days.
Failure to comply with this new reporting requirement may result in significant penalties. Reports must be filed directly with FinCEN at https://www.fincen.gov/boi. Please note that the Secretary of State’s office is not collecting this information, nor do they have access to FinCEN’s records. For any questions or assistance, you can contact FinCEN at:
- Phone: 1-800-767-2825
- Website: https://www.fincen.gov/contact
We encourage you to review the requirements and ensure compliance to avoid any potential penalties.
What to Expect When Regulations Go into Effect
Compliance Requirements
As of January 1, 2024, all existing small businesses must comply with the CTA reporting requirements by January 1, 2025, or face potential criminal penalties from FinCEN or other federal agencies. All businesses created after January 1, 2024, will have 90 days from the date of creation to comply. Companies that fail to report their beneficial ownership information could also be subject to civil penalties such as significant fines.
What Information Will You Need to Report
What to submit?
- Company legal name
- Any Trade Name or Doing Business As (DBA)
- Physical address (P.O. Box not sufficient)
- Jurisdiction in which it was formed or first registered (U.S. or foreign)
- Taxpayer Identification Number (TIN)
Existing Businesses
In addition, if your company was created or registered before January 1, 2024, you will need to report information for each beneficial owner.
New Businesses
If your company is created or registered on or after January 1, 2024, you will need to report information for each beneficial owner and company applicant. For each beneficial owner and company applicant, you will need to provide the following for them:
- Legal name
- Birthdate
- Physical address
- Government-issued identification number, such as a social security or passport number. An image of this document bearing the government-issued number must also be included with the application.
Helpful Links for Business Customers
- FinCEN Beneficial Ownership Information - https://www.fincen.gov/boi
- Reporting Requirements FAQs - https://www.fincen.gov/boi-faqs
- Key Filing Dates - https://www.fincen.gov/sites/default/files/shared/BOI_Reporting_Filing_Dates-Published03.24.23_508C.pdf
- Introductory Video - An Introduction to Beneficial Ownership Information Reporting Requirements
- Beneficial Ownership Information Reporting Rule Fact Sheet - https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet
As timelines are important for updates, tracking, and reporting, it’s always a good idea to involve a professional advisor such as an accountant or attorney. Whether you're a bank customer or not, our solutions are here to support your success and simplify the compliance process. Let us help you stay ahead of regulatory requirements and focus on what matters most—growing your business. If you need a referral for a professional who can help you understand the implications of the Corporate Transparency Act and Beneficial Ownership Information, please contact us today.