09/27/2024
Own a business in Georgia? You need to explore another government-forced requirement with a general deadline of January 1, 2025. Learn about: Beneficial Ownership Information Reporting
Sent by the GA Secretary of State Corporations Division
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
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UPDATED: Per Lexology.com, "On March 1, 2024, the U.S. District Court for the Northern District of Alabama held that the Corporate Transparency Act ("CTA")--which requires most reporting companies to file a beneficial ownership information report ("BOIR") with the Financial Crimes Enforcement Network ("FinCEN")--is unconstitutional as beyond Congress's authority. Our prior memorandum (which can be found here) gives further detail about the CTA's requirements."
READ THE FULL ARTICLE HERE: https://www.lexology.com/library/detail.aspx?g=7378c2a2-9e18-4436-9860-a2ed0b35a704
FinCEN has been receiving calls and reports of financial scam attempts. If you have received an unsolicited communication from someone via phone, text, or email claiming to represent or be an employee of FinCEN, it is a scam and you should not respond. You may contact the Treasury’s Office of ...