In our previous posts on the Corporate Transparency Act (the “CTA”) we discussed who is a “reporting company” that is subject to Beneficial Ownership Information Reporting (“BOIR”) under the CTA, the penalties for failure to report, the reporting deadlines, who is a “beneficial owner” and who is a “company applicant.” In this post we will discuss what information must be included with a “BOIR” report, and when changes in “beneficial ownership” must be reported.

What information must the “beneficial ownership report” include?”
The “BOIR” reporting rules require a “reporting company” to include specific information about the “reporting company,” its “beneficial owners” and if required, its “company applicant.” Generally, the “reporting company” must include its full legal name and, if applicable, any “doing business as” name. The “reporting company” must also include its current U.S. address and the jurisdiction of its formation. A “foreign reporting company” must report the jurisdiction of its first registration in the U.S. A “reporting company” is also required to report its IRS Taxpayer Identification number (a “TIN”), and in the case of a “foreign reporting company” a TIN issued by a foreign jurisdiction and the name of the issuing jurisdiction.

For each “beneficial owner” and, if applicable, any “company applicant,” The “reporting company” must report their full legal name, date of birth, current address, and a “unique identification number,” issuing jurisdiction and image of one the following a non-expired (i) U.S. passport, (ii) State driver’s license, (iii) state, local or tribal issued identification, or (iv) if the “beneficial owner” or “company applicant” does not have any of the previous documents, a foreign passport.

What if there is a change in any “beneficial owner” or “reporting company” information?”
If there is a change to any information on a previously filed “BOIR,” the “reporting company” must file an updated “BOIR” within thirty (30) days after the date on which the change occurred. Some common examples of changes that must be reported, include, but are not limited to, registering a new DBA, change in a “beneficial owner” resulting in a change in equity ownership percentages, hiring of a new executive, a change of any address or unique identification number previously provided. There is no requirement to report the dissolution or termination of the “reporting company.”

If you or anyone you know has questions about the “CTA,” or would like assistance in filing a “BOIR,” please contact me at (845) 426-6156 or by email at hugh@strausjacobson.com.

Our firm, Straus Jacobson & Associates, provides expert tax and legal advice to our individual and business clients in Rockland and the rest of the New York tri-state area.