We hope you're doing well. We are writing to let you know about the recent guidelines issued by the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) regarding theCorporate Transparency Act (CTA) and its beneficial ownership information (BOI)reporting requirements. The Corporate Transparency Act, enacted in January2021, aims to combat tax fraud, terrorism, and money laundering by mandating that certain companies file reports with FinCEN to disclose their beneficial owners. Below, we have summarized vital details to make sure you understand the requirements and deadlines..

Most business owners should be able to complete the online filing with little to no assistance using this link. If you need help or wish someone else to prepare the form, Kram, McCarthy, Ayers & Frost, LLC has partnered with StrategicTax Planning to assist our clients with their streamlined online application.

Who Needs to Report?
The rules currently apply to domestic reporting companies (LLCs, corporations, etc., formed in the US) and foreign reporting companies (entities formed under foreign laws but doing business in the US). Certain entities, such as publicly traded companies and not-for-profit organizations, are exempt from reporting.

Who is Considered a Beneficial Owner?
Beneficial owners own at least 25% of the company's interests or significantly influence major financial and operational decisions. They typically include senior officers and key board members.

Required Information about Beneficial Owners

1. Name
2. Date of birth
3. Residential address
4. Social Security Number (SSN) orTaxpayer Identification Number (TIN)
5. Form of identification (e.g., driver's license, passport, etc.) with issuing jurisdiction and identifying number
6. An image of the identification document

Required Information about Company Applicants

1. Legal full name
2. Date of birth
3. Permanent address
4. Form of identification with an identification number and photo (e.g., driver's license, passport, etc.)

Required Information about the Reporting Company

1. Full legal name
2. Current street address
3. Any trade or "doing business as"names
4. IRS Taxpayer Identification Number(TIN)
5. Country or state jurisdiction of formation

‍How to Report
Reports can be electronically filed on the FinCEN website. This method allows easy updates and resubmissions with no initial submission fees if necessary.

Reporting Deadlines

• Companies created/registered beforeJanuary 1, 2024, must file initial reports by January 1, 2025.
• Companies created/registered afterJanuary 1, 2024, must file within 90 days of creation.
• Updates to beneficial ownership information must be reported within 30 days of any changes.

Penalties for Non-Compliance
Failure to comply with these guidelines may result in fines and imprisonment.Civil and criminal penalties can accrue for continued non-compliance.

For more detailed information and to access the necessary forms, please visit the following links:

• BOI guidelines
• Form for domestic reporting companies
• Form for foreign reporting companies

We would like you to review these requirements carefully and take necessary actions to ensure compliance. Please do not hesitate to contact us with any questions or concerns.