BENEFICIAL OWNERSHIP REPORTING (CORPORATE TRANSPARENCY ACT)

The Corporate Transparency Act (CTA) was enacted by Congress on January 1, 2021, as part of the National Defense Authorization Act. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. The beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U. S. Department of Treasury.

This reporting is a federal requirement, not a Louisiana requirement. As such, those who are required to file a report must do so at fincen.gov/boi. Any further questions about reporting requirements should be directed to FinCEN.

Note: Beware of potential scam websites and mailers! 

This new filing requirement is likely to result in scam websites or organizations attempting to trick internet users and business owners to enter their beneficial ownership information into a scam website. They may lure users through many communication channels, such as social media, email, and text messaging. Search results are sometimes manipulated through search engine optimization methods, leading to malicious sites appearing in top positions. Remember, there is no fee associated with this filing. When reviewing suspicious mailers or websites, beware of the phrase "acting as a paid preparer." This could indicate that the mailer or website is from a private entity and not a state or federal agency.

Reporting companies should not report beneficial ownership information to any organization except for FinCEN. Websites are often set up to spoof a legitimate site. This is done by using a domain name that looks or sounds like legitimate site addresses. For example, instead of IRS.gov, a spoof site might use IRS.com or IRS.org. When submitting the report to FinCEN, be sure to go to the online filing system on United States Department of the Treasury Financial Crimes Enforcement Network | FinCEN.gov.