Banking and Business Monthly – November 2024

Back in October of last year, I wrote about the Federal Corporate Transparency Act (“CTA”), 31 U.S.C. § 5336, and its obligations for Reporting Companies (as defined thereunder).  Since then, we helped many Reporting Companies complete and file their BOI Reports.

For business entities created before January 1, 2024, that are Reporting Companies, the January 1, 2025 deadline to file their BOI Reports is fast approaching. Yet, it seems many business owners remain unaware of the CTA and its reporting obligation, despite potentially large penalties for failing to file the BOI Report. As I write this, we just finished a webinar informing a variety of local chambers of commerce about the CTA, so for this month’s article, I thought I would remind our B&B audience of the CTA and its requirements, and to let everyone know we are here to assist owners of Reporting Companies with completing and filing their BOI reports – check out this flyer for a description of our $149 flat fee service offering.

For further inquiries or questions, please contact me at smigala@lavellelaw.com or (847) 705-7555. Happy Thanksgiving!