If you’re a Certified Registered Nurse Anesthetist (CRNA) running a small business, you’ll need to know about a new rule called the Corporate Transparency Act (CTA). The CTA requires business owners to share basic ownership information with FinCEN (Financial Crimes Enforcement Network) to help prevent financial crimes. But don’t worry—filing your information is simple and quick. Here’s how you can do it in just a few minutes.
What’s the Corporate Transparency Act (CTA)?
The CTA is a new law aimed at stopping illegal financial activity, like money laundering. Nearly all small businesses, including LLCs, must file a Beneficial Ownership Information (BOI) report. This helps the government track who controls each business, which includes many CRNAs who run an LLC.
Who Needs to File?
If you have a small business like an LLC, corporation, or other legal entity, you probably need to file a BOI report. This includes many CRNAs who funnel their 1099/Locum income through an LLC.
What Information Do You Need to Report?
Here’s what you’ll need to provide in the report:
- Business Details:
- Legal name of your business
- Employer Identification Number (EIN)
- Address
- State where it’s registered
- Beneficial Owners:
- This includes anyone with at least 25% ownership or control over the business. For most CRNAs, this will just be you.
- Personal Information of Owners:
- Full legal name
- Birthdate
- Address
- ID number (e.g., from a driver’s license or passport)
Step-By-Step Guide to Filing Your BOI Report
- Gather Required Documents: Have your ID, business registration information, and business address on hand.
- Visit the FinCEN Reporting Site: Go to FinCEN’s official BOI filing page here.
- Complete the Form: Enter your business and ownership details.
- Submit the Report: Double-check the form, and then submit it.
FYI – I completed the BOI report for my own LLC, Barnhart Wealth Management, and it took me less than three minutes.
Important Deadlines
- New Businesses: File within 30 days of registration.
- Existing Businesses: If your business existed before January 1, 2024, you need to file by January 1, 2025.
Frequently Asked Questions (FAQ)
Q: Do all CRNAs with an LLC need to file a BOI report?
A: Yes, most likely. The requirement covers nearly all small U.S. businesses, including LLCs.
Q: What happens if I don’t file?
A: Failing to file or submitting incorrect information can lead to penalties. It’s best to avoid fines by completing this quick report accurately and on time.
Q: Do I need to report if I’m the only owner?
A: Yes. Even if you’re the sole owner, you need to file this report with your personal information.
Q: Can I update my report if my business information changes?
A: Yes. If ownership details change, update your BOI report within 30 days.
Q: Is there a filing fee?
A: No, there’s no fee for filing the BOI report with FinCEN.
Q: Where can I file my BOI report?
A: You can file online through FinCEN’s BOI reporting page.
Q: Do I need to create a FinCEN ID?
A: No, you don’t need a separate FinCEN ID to file this report – although you’ll prompted to create one. The BOI form is a one-time report, and all you need is your business and personal information. It’s straightforward and quick, just like I experienced with my own LLC’s filing.
Taking a few minutes now to complete this form will keep you compliant and focused on your business without worry. Remember, if your business was created before January 1, 2024, mark January 1, 2025, as your deadline.
For personalized guidance on your CTA filing, business setup, or any other financial questions, feel free to reach out. Our team specializes in helping CRNAs like you navigate the financial side of your practice. Book a meeting today, and let us make the process as smooth as possible so you can stay focused on what you do best!