Reminder – Corporate Transparency Act!

Over the past year, PFSS has diligently monitored developments related to the Corporate Transparency Act (CTA). Effective on January 1, 2024, this new legislation mandates that millions of U.S. based companies engaged in business activities must submit a report detailing their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). FinCEN estimates that over 32 million existing companies will be impacted initially, with an additional 5 million businesses affected annually thereafter. The reporting timeline varies, providing some companies with a full year to submit their BOI report, while others must do so within 90 days of receiving notice of their business registration or creation, either through official channels or public disclosure. Failure to provide a comprehensive and accurate BOI report may lead to substantial civil or criminal consequences, including fines and imprisonment. Recognizing the significance of adhering to this new compliance mandate, PFSS is committed to assisting businesses in navigating these requirements. Starting today, January 2, 2024, we will introduce a dedicated BOI filing service designed to support companies in meeting the regulations and mitigating the risk of penalties. Our user-friendly BOI filing platform ensures the collection of all necessary data, facilitating the timely submission of complete and accurate BOI reports with confidence. Contact us with any questions at [email protected] or via phone at 800-513-2272; we are here to help you!