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    CTA’s Updated FAQs: Treasury Department Requires Filing for Dissolved Entities

    This article was originally posted on Steve Leimberg’s Business Entities Email Newsletter Archive Message #301.

     

    The Treasury Department updated its frequently asked questions on July 8, 2024. The big news: if the plan was to dissolve the company before 2025, you must register! If an entity was created by filing with a secretary of state, BOIR must be filed unless the entity completed the process of formally and irrevocably dissolving before January 1, 2024. By “formally and irrevocably dissolving,” FinCEN means “filing dissolution paperwork with its jurisdiction of creation or registration, receiving written confirmation of dissolution, paying related taxes or fees, ceasing to conduct any business, and winding up its affairs (e.g., fully liquidating itself and closing all bank accounts).” Where an entity was created after January 1, 2024, and has ceased to exist by “formally and irrevocably dissolving,” it also must file BOIR.

     

    To read the full article, click here.

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