FinCEN BOI Requirement deadline is January 1, 2025

The federal Corporate Transparency Act (CTA) requires small businesses—including healthcare practices organized as corporations or PLLCs—to file reports with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S Treasury Department. These reports must contain information about individuals who own or control these businesses and are provided to law enforcement agencies to help prevent money laundering and other illegal activities. This information remains confidential and is not accessible to the general public.

While the National Small Business United contested this requirement in court, the decision only applied to specific parties involved in the lawsuit. The U.S. Treasury Department has since appealed, so all Massachusetts corporations and LLCs, including medical corporations, professional service corporations, and professional limited liability companies, are still required to comply. The filing deadline is January 1, 2025.

For Massachusetts Chiropractic Society members, a straightforward, step-by-step guide tailored for chiropractic practices in Massachusetts is available. Doctors who have completed it report that the form takes about 10 minutes to fill out.

Make sure to complete your filing in time to remain compliant under the CTA!