09/27/2024
Hellooo business owners! Many of you are getting the following letter or email.
Dear Business Owner or Representative:
The Corporate Transparency Act (CTA) was passed by the United States Congress to combat money laundering and terrorist financing. The CTA establishes a beneficial ownership information reporting requirement for corporations, limited liability companies, and other similar entities created or registered to do business in the United States. The beneficial ownership information reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury. Reporting companies that were formed or registered prior to January 1, 2024, must file an initial beneficial ownership information report by January 1, 2025. Reporting companies that were formed on or after January 1, 2024, must file a beneficial ownership information report within 90 calendar days of notice of formation. Reporting companies that were formed on or after January 1, 2025, must file a beneficial ownership information report within 30 calendar days of notice of formation. Beneficial ownership information reports are filed at https://www.fincen.gov/boi.
The requirement to report beneficial ownership and other information about the business directly to FinCEN applies to most businesses registered with our office. As it is important for our office to assist businesses in our state, we want to inform you of this new reporting requirement as failure to comply may result in significant civil and criminal penalties. We encourage you to review the information found here: https://www.fincen.gov/boi.
Our office is not collecting this information, nor do we have access to the information reported to FinCEN. The Secretary of State’s staff cannot provide information, advice, or legal counsel regarding FinCEN’s beneficial ownership information reporting requirements. Please contact FinCEN if you have any questions or concerns:
Phone number: 1-800-767-2825
Website: https://www.fincen.gov/contact
Sincerely,
Georgia Secretary of State’s Office
YES THIS IS SOMETHING YOU HAVE TO DO. It does not take too long. Have the owners drivers license as it is necessary.
Enjoy the rest of the year and we will see you soon!
Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Learn more about reporting deadlines.
