ATTENTION FLORIDA REALTORS

Ensure Your Compliance with the Corporate Transparency Act by January 1, 2025
Don't Risk Penalties—Act Now

On Monday, December 23, 2024, an appeals court reinstated enforcement of the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) Reporting Rule.

This means businesses created or registered before January 1, 2024, must file their initial BOI reports with the Financial Crimes Enforcement Network (FinCEN) by January 13, 2025.

The CTA may require brokerages, team owners, and agents with a PA, LLC or PLLC to disclose ownership details to the federal government.

Does this ruling affect your business?
Below, you’ll find a comprehensive guide to help you understand the requirements, avoid penalties, and stay compliant. Explore FAQs, deadlines, step-by-step instructions, and other essential resources to navigate this important mandate with confidence.

File your BOI Now

What Is the Corporate Transparency Act (CTA)?

The Corporate Transparency Act (CTA) is a federal law requiring businesses, including brokerages, team owners, and agents with a PA, LLC or PLLC, to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The law enhances transparency in corporate ownership to prevent illicit activities such as money laundering and fraud.

Who Does This Affect?

You may need to file if:

- You own or manage a brokerage or team.
- You have a PA, LLC or PLLC.
- You operate businesses like rental property management companies or shelf companies.

If you're unsure, review the FinCEN Quick Reference Guide here.

Steps to Stay Compliant

1. Determine if you need to file.
  Visit FinCEN.gov to confirm your reporting status.
2. Submit the BOI Report.
  Filing is free! Access the form and step-by-step instructions here.
3. Report changes promptly.
  Update your BOI Report within 30 days of any changes.

What Happens If You Don’t Comply?

Failure to file can lead to severe penalties:

- Civil fines up to $10,000.
- Imprisonment up to two years.
- Daily fines of $500 for each day past the deadline.

Common Misconceptions

- Filing on Sunbiz is not enough.
  The CTA is separate from Florida’s business filing requirements.
- Small businesses are not exempt.
  Most businesses, even sole proprietors and small brokerages, must comply unless explicitly exempt.

Additional Resources

- Step-by-Step Filing Guide: Watch the BOI Compliance Webinar.
- FAQs on CTA Compliance: Access the FAQ page.
- Learn More About Compliance: Explore the FinCEN website.