Provided by: Jennifer Kirschenbaum, Esq.
July 31, 2024
Question:
Hi Jennifer,
Was there a new filing I have to do to disclose how I own my practice? Under the Corporate Transparency Act? Did the new Supreme Court ruling change anything?
Thanks,
Dr. S
Answer:
I am glad you asked. This is a confusing time when it comes to determining which guidance to follow and which guidance we can ignore after the overruling of the Chevron doctrine (the Supreme Court decision you are referencing). It is important to note that overturning Chevron does not eliminate agencies’ ability to interpret regulations. The specific agency action would need to be overturned, and as of now, the Corporate Transparency Act stands.
So, the requirement to report Beneficial Ownership information (who owns the entity, for any entity) to the U.S. Department of the Treasury stands, and must be reported at this time. The information that is currently required to be reported includes the full name of the legal entity and any d/b/a, its tax ID, address and the owner's personal details, including the owner’s full name, residential address, FinCEN ID (the unique identifying number issued to an individual or an entity by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury), date of birth and a copy of a government-issued ID. It is important to note this filing is solely to report ownership information; no financial information is required as part of this reporting.
Hi Jennifer,
Was there a new filing I have to do to disclose how I own my practice? Under the Corporate Transparency Act? Did the new Supreme Court ruling change anything?
Thanks,
Dr. S
Answer:
I am glad you asked. This is a confusing time when it comes to determining which guidance to follow and which guidance we can ignore after the overruling of the Chevron doctrine (the Supreme Court decision you are referencing). It is important to note that overturning Chevron does not eliminate agencies’ ability to interpret regulations. The specific agency action would need to be overturned, and as of now, the Corporate Transparency Act stands.
So, the requirement to report Beneficial Ownership information (who owns the entity, for any entity) to the U.S. Department of the Treasury stands, and must be reported at this time. The information that is currently required to be reported includes the full name of the legal entity and any d/b/a, its tax ID, address and the owner's personal details, including the owner’s full name, residential address, FinCEN ID (the unique identifying number issued to an individual or an entity by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury), date of birth and a copy of a government-issued ID. It is important to note this filing is solely to report ownership information; no financial information is required as part of this reporting.
The deadline for filing Beneficial Ownership information varies depending on when your practice was formed. If the practice was formed prior to January 1, 2024, the deadline for filing is December 31, 2024. For practices formed on or after January 1, 2024, there's a 90-day window from the formation date to submit the report. Additionally, any changes in ownership after the initial filing must be promptly reported to update the information. All of the information required can be reported online through the designated BOI Filing Portal available at https://boiefiling.fincen.gov/fileboir.
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