{"id":2381,"date":"2024-08-29T16:58:27","date_gmt":"2024-08-29T20:58:27","guid":{"rendered":"https:\/\/www.hpindiana.law\/business-blog\/?p=2381"},"modified":"2024-09-12T10:33:52","modified_gmt":"2024-09-12T14:33:52","slug":"new-federal-reporting-requirement-for-business-entities","status":"publish","type":"post","link":"https:\/\/www.hpindiana.law\/business-blog\/new-federal-reporting-requirement-for-business-entities\/","title":{"rendered":"New Federal Reporting Requirement for Business Entities"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-2382\" src=\"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/08\/suspicious-young-man-peeking-and-looking-at-camera-through-blinds-mistrust-concept-1124692168_726x484-300x200.jpeg\" alt=\"suspicious-young-man-peeking-and-looking-at-camera-through-blinds-mistrust-concept-1124692168_726x484-300x200\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/08\/suspicious-young-man-peeking-and-looking-at-camera-through-blinds-mistrust-concept-1124692168_726x484-300x200.jpeg 300w, https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/08\/suspicious-young-man-peeking-and-looking-at-camera-through-blinds-mistrust-concept-1124692168_726x484-180x120.jpeg 180w, https:\/\/www.hpindiana.law\/business-blog\/wp-content\/uploads\/2024\/08\/suspicious-young-man-peeking-and-looking-at-camera-through-blinds-mistrust-concept-1124692168_726x484.jpeg 724w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>You may have heard of a new reporting requirement that took effect on January 1, 2024, under the federal Corporate Transparency Act (or CTA). The report is called a Business Ownership Information Report (or BOIR). Most limited liability companies (LLCs), corporations, and other types of business entities are now required file a report with the Financial Crimes Information Center (or FinCEN) disclosing the names of the people who, directly or indirectly, own or control the business entity. A wealth of information regarding the CTA and BOIRs is available at the BOIR home page at <a href=\"https:\/\/www.FinCEN.gov\/boi\" target=\"_blank\" rel=\"noopener\">https:\/\/www.FinCEN.gov\/boi<\/a>; the Small Entity Compliance Guide at <a href=\"https:\/\/www.FinCEN.gov\/boi\/small-entity-compliance-guide\" target=\"_blank\" rel=\"noopener\">https:\/\/www.FinCEN.gov\/boi\/small-entity-compliance-guide<\/a>; and the list of frequently asked questions at <a href=\"https:\/\/www.FinCEN.gov\/boi-faqs#A_1\" target=\"_blank\" rel=\"noopener\">https:\/\/www.FinCEN.gov\/boi-faqs#A_1<\/a>. Some basic information is provided below.<\/p>\n<p><strong>What is the purpose of the CTA?<\/strong><\/p>\n<p>The purpose of the Corporate Transparency Act, passed by Congress in 2021 on a bipartisan basis, is to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. The BOIR provides law enforcement with information that may not otherwise be readily available to them.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.hpindiana.law\/business-blog\/new-federal-reporting-requirement-for-business-entities\/\"  title=\"Continue Reading New Federal Reporting Requirement for Business Entities\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>You may have heard of a new reporting requirement that took effect on January 1, 2024, under the federal Corporate Transparency Act (or CTA). The report is called a Business Ownership Information Report (or BOIR). Most limited liability companies (LLCs), corporations, and other types of business entities are now required file a report with the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,12,18],"tags":[71,67,68,65,70,66,44,62],"class_list":["post-2381","post","type-post","status-publish","format-standard","hentry","category-corporations","category-limited-liability-companies","category-small-businesses","tag-anonymous-llc","tag-boir","tag-business-ownership-information-report","tag-corporate-transparency-act","tag-corporation","tag-cta","tag-llc","tag-small-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Federal Reporting Requirement for Business Entities &#8212; Indiana Business Law Blog &#8212; August 29, 2024<\/title>\n<meta name=\"description\" content=\"You may have heard of a new reporting requirement that took effect on January 1, 2024, under the federal Corporate Transparency Act (or CTA). The report &#8212; August 29, 2024\" \/>\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.hpindiana.law\/business-blog\/new-federal-reporting-requirement-for-business-entities\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael R. Smith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New Federal Reporting Requirement for Business Entities &#8212; Indiana Business Law Blog &#8212; August 29, 2024","description":"You may have heard of a new reporting requirement that took effect on January 1, 2024, under the federal Corporate Transparency Act (or CTA). The report &#8212; August 29, 2024","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.hpindiana.law\/business-blog\/new-federal-reporting-requirement-for-business-entities\/","twitter_misc":{"Written by":"Michael R. Smith","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.hpindiana.law\/business-blog\/new-federal-reporting-requirement-for-business-entities\/#article","isPartOf":{"@id":"https:\/\/www.hpindiana.law\/business-blog\/new-federal-reporting-requirement-for-business-entities\/"},"author":{"name":"Michael R. 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