NASW reminds social workers in solo or group private practice that they must comply with the Corporate Transparency Act (CTA) by filing a Beneficial Ownership Information (BOI) report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. This applies to all entities such as LLCs, PLLCs, and S-Corps.

Intentional failure to file, update, or correct a BOI report may lead to civil penalties of up to $500 per day for each day the violation continues, as well as criminal penalties that could include up to two years in prison and/or fines of up to $10,000.

The deadline to report a BOI depends on the date of company formation:

—Companies created before Jan. 1, 2024, must file a BOI by Jan. 1, 2025.
—Companies created on or after Jan. 1, 2024, must file a BOI within 90 calendar days of receiving notice of the company’s registration.
—Companies created on or after Jan. 1, 2025, must file a BOI within 30 calendar days of receiving notice of the company’s registration.
 

For more details such as exemptions to the CTA, please see the March 2024 NASW Legal Issue of the Month article, “Corporate Transparency Act.”