Chamber Reminds Businesses In Los Alamos To File BOIR

CHAMBER News:

Note: This notice is not meant as legal advice, but rather news about a fairly new law that will affect many business owners.

The Corporate Transparency Act (CTA) was passed in 2023 and is now in effect. It may affect any entity, including small LLCs, that were formed through a Secretary of State. There are very steep fines for non-compliance, ($500 per day), so please check to be sure your organization is in compliance with this law. Any entity in operation as of Jan. 1, 2024, has until Jan. 1, 2025 to submit a Beneficial Ownership Information Report (BOIR). Non-compliance can result in fines as high as $500 per day. A newly formed entity (formed AFTER Jan. 1, 2024, and within 2024), has 90 days from appointment date to BOIR. Entities formed after Jan. 1, 2025, will have 30 days to file their initial BOIR.

This legislation was created to address illegal activities, by disclosing owner information to FINCEN, the Financial Crimes Enforcement Network of the U.S. Treasury Department. If you are unsure if this legislation affects or applies to you, please consult your business attorney for advice.

Filing is quick and easy. One needs the front of a state driver's license for each owner, along with each name and address. The physical address of the LLC is also needed for the filing, as well as its EIN. When the process is complete a BOIR Transcript is available and should be downloaded and retained for one's records.

Here is the page to learn more about it through FINCEN: BOIR Filing Instructions, Small Entity Compliance Guide (in multiple languages).

If businesses do not have access to an attorney, they can contact the Modest Means Helpline for assistance at 505.797.6013 or 888.857.9935, 8 a.m. to 4 p.m. Monday through Friday.

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