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Corporate Transparency Act: Business Owners Must Act Now

Client Alert
July 10, 2024

The Corporate Transparency Act (CTA) has been in effect since January 1, 2024. It is vital for reporting companies to file their beneficial ownership information (BOI) report before the year ends. Reporting companies formed prior to January 1, 2024, have less than six (6) months left to file. It is important to act now in order to avoid facing steep penalties for failing to comply with the CTA. Business owners should identify whether their company must report and if so, which individuals within the business entity are required to disclose the personal information designated under the CTA.

The CTA requires reporting companies to file a BOI report. Reporting companies must provide information regarding their entity, beneficial owners, and in some cases, the professional advisor(s) that helped form the entity. Reporting companies must submit the information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Domestic reporting companies include corporations, LLPs, LLCs, and other similar entities that were formed through a filing with the secretary of state or similar office under the law of a state. Foreign reporting companies are those formed under the law of another country and are registered to do business in any U.S. state through filing with a secretary of state or any similar office under the law of a state.

Under the CTA, reporting companies that were formed prior to January 1, 2024, have one (1) year to comply and file their beneficial ownership information report. Reporting companies formed in 2024, must file their report within ninety (90) days of their formation. Reporting companies formed on or after January 1, 2025, will have only thirty (30) days to file their report following their formation.

The purpose of the CTA is to safeguard the U.S. financial system from fraud, money laundering, and other illegal activities. There has been a concern in recent years that the U.S. has become a jurisdiction of choice for bad actors to create shell companies that hide the ultimate beneficiaries. Through the CTA, a national registry will be created that will allow the U.S. to obtain all relevant ownership information regarding reporting companies. The registry will enable the U.S. to crack down on illegal activity such as tax fraud, money laundering, terrorist financing, and more.

There are harsh penalties for reporting companies that fail to file a timely report to FinCEN. Civil and criminal penalties may result in fines up to $10,000, imprisonment for up to two (2) years, or both. Any person who (i) willfully provides or attempts to provide false/fraudulent information, or (ii) fails to report and/or update a report previously made, may be subject to the aforementioned penalties.

For more information about the CTA or how to comply, please contact BMD Member Blake Gerney at brgerney@bmdllc.com.

Corporate Transparency ActBeneficial Ownership Information ReportingBlake R. Gerney
Client Alert

CMS’s Rural Health Funding Announcement

October 27, 2025CMS has announced a $50 billion Rural Health Transformation (RHT) Program to improve healthcare access, quality, and outcomes in rural communities. All states are eligible to apply for funding by November 5, 2025. Half of the funds will be distributed equally, with the remainder based on state-specific factors. The program supports evidence-based initiatives, workforce recruitment, and access to treatment services, with awards assessed annuallyClient Alert

Expanding Access to Care: Ohio’s Effort to Modernize APRN Practice Through Ohio SB 258 and HB 508

October 24, 2025Ohio is moving to expand access to healthcare through Senate Bill 258 and House Bill 508, which would modernize APRN practice by removing the outdated requirement for a physician contract. This change would allow nurse practitioners, nurse midwives, and clinical nurse specialists to provide care more efficiently, especially in underserved areas, while maintaining high-quality, cost-effective care.Client Alert

Cleveland Joins the Pay Transparency Movement: What Employers Need to Know

October 21, 2025Beginning October 27, 2025, all Cleveland employers with 15 or more employees will be prohibited from asking applicants about their pay history and will be required to include reasonable pay ranges in all job postings where the position will be performed, solicited, considered, or processed in Cleveland. The ordinance is intended to help close the gender wage gap and promote greater pay equity across the city.Client Alert

New $100,000 Fee on H-1B Petitions – Legal Immigration

September 23, 2025President Trump issued an Executive Order (EO) imposing a $100,000 payment to accompany any new H-1B visa petitions submitted after 12:01 a.m. eastern time on September 21, 2025 and will remain in place for 12 months (unless extended).Client Alert

Implications of Supreme Court Stay for Business Operations in Noem v. Vasquez Perdomo

September 16, 2025On September 8, 2025, the U.S. Supreme Court temporarily reinstated immigration officers’ authority to conduct brief stops based on factors such as location, work type, language, or appearance. This stay in Noem v. Vasquez Perdomo allows enforcement actions to resume in California pending appeal. Employers in industries like construction, agriculture, landscaping, and day labor should prepare for increased worksite disruptions and review compliance protocols.
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