You Still Need to File Your BOI in 2024

Last year, The Orlando Law Group shared the need for your business to file your Beneficial Ownership Information with the federal government this year. It is part of the Corporate Transparency Act that was passed in 2020 but just became effective on January 1.

As you might have seen, earlier this month, a federal court in Alabama declared the government overreached its constitutional authority by requesting this information.

While we are monitoring the court battles, at this time we are still recommending all business owners continue as if the filings are still required.  

The attorneys at The Orlando Law Group can help businesses determine if they are required to file their Beneficial Ownership Information and file all the required documents for you.

What is the Beneficial Ownership Information?

As a recap of the issue, privately owned small businesses, for the most part, do not have to file any sort of public disclosures in the way that companies listed on a stock exchange must do every quarter.

Unfortunately, too many criminals are using fake companies for money laundering and other crimes. It is very difficult to track criminal activity without a subpoena.

That is why, in 2021, the federal government passed the Corporate Transparency Act, hoping to provide more tools for law enforcement to find terrorists, money laundering, counterfeiting and more.

Read more.