No later than March 21, 2025, your legal entities (e.g., LLCs, corporations, limited partnerships) may be required by the federal Corporate Transparency Act to report information to United States Department of the Treasury about the individuals who ultimately own or control them.

Through this online application, we have made reporting easy for our clients. Please call us at 215-639-4070 if you have any questions throughout this process.

Step one is to determine whether your entity is exempt from the reporting requirement. The following are the four (4) most common exemptions. Please do not proceed further if any of the following are true:

1. Large Operating Entities: Your entity employs more than 20 full time employees AND has filed a federal income tax or information return in the United States for the previous year demonstrating more than $5,000,000 in gross receipts or sales.
2. Inactive Entities: Your entity has no assets, has been inactive for more than 12 months (not sent or received any funds in an amount greater than $1,000) and was in existence on or before January 1, 2020.
3. Non-Profits: Your entity has tax-exempt status.
4. Not Formed by State Filing: You did not form a legal entity by filing with any state (e.g., your business is a sole proprietorship or a general partnership). Note: Registration of a fictitious/D/B/A name is not an act of formation.