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The U.S. Treasury’s Financial Crimes Enforcement Network has determined its priorities for monitoring and enforcing the law against entities and individuals that fail to comply with their Beneficial Ownership Report (BOI) reporting responsibility.

One of the most important aspects to consider within the new Corporate Transparency Law (CTA) are the risks of reporting the Beneficial Ownership InformationReport (BOI) without proper legal advice. Even the United States Department of the Treasury within the Financial Crimes Control Network warns public accountants to be careful when preparing BOI reports, which poses a significant risk in the event that company shareholders do so by themselves or without the support of a lawyer knowledgeable on the subject.

A frequently asked question when discussing the new Corporate Transparency Act (CTA) is whether an entity that is dissolved before December 31, 2024 would still be required to submit an information report on its beneficial owners (BOI). This question is very important.