Update: On December 3, 2024, a federal court in Texas issued a preliminary injunction that blocks the Department of Treasury from enforcing the reporting requirements under the Corporate Transparency Act. Most likely, the government will appeal the preliminary injunction but it will remain in effect until it is either overruled by an appellate court or becomes permanent.
ST. PETERSBURG, Fla., Nov 25, 2024 –
Do you know what the Corporate Transparency Act means for your business? The Act went into effect in January 2024 and was created by Congress to combat illicit activity, including tax fraud and money laundering. Under this new legislation, U.S. businesses must submit a beneficial ownership information (BOI) report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), including details of the individuals who ultimately own or control the company.
The filing deadline for companies existing before the act went into effect is January 1, 2025. Companies created after the Act went into effect will have 90 days to file their initial BOI report. However, FinCEN recently announced that certain hurricane victims will receive an additional six months to submit BOI reports.
Learn more about the Act and the BOI requirements, including hurricane extensions: https://fincen.gov/boi.
About Adelphi Trust Company
Headquartered in St. Petersburg, FL, Adelphi Trust Company is the only trust company in Florida founded, managed, and majority-owned by women. The company provides trust services including trust administration and estate settlement, wealth management, investment management, estate, financial & legacy planning. Its seasoned leadership has decades of experience in banking, trust administration, and investment management. For more information, contact Katie Pemble at katie@adelphitrust.com or visit www.adelphitrust.com.
