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2024 BOI Reporting Requirement

Understand beneficial ownership information reporting requirements under the Corporate Transparency Act As of January 1, 2024, tens of millions of (small) business owners must file a new, and very personal, report as part of the federal Corporate Transparency Act (CTA) – or they risk harsh civil and criminal penalties, including hefty fines and possible time … Read more

Federal Register: BOI Reporting Requirements

AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury.   ACTION: Advance notice of proposed rulemaking. SUMMARY: FinCEN is issuing this advance notice of proposed rulemaking (ANPRM) to solicit public comment on questions pertinent to the implementation of the Corporate Transparency Act (CTA), enacted into law as part of the National Defense Authorization Act for Fiscal Year … Read more

BOI Reporting Requirements Under the CTA

As of January 1, 2024, many domestic entities created, or foreign entities first registered to do business in the U.S., on or after that date are required to report information to the Financial Crimes Enforcement Network (FinCEN) about the individuals who create and ultimately own and control them. Domestic entities created, or foreign entities registered, … Read more

BOI – Are You Exempt?

As of January 1, 2024, certain types of corporations, limited liability companies, and other similar entities doing business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). These new reporting requirements were created under the Federal … Read more

CTA Imposes New BOI Obligations

Effective January 1, 2024, U.S. and foreign entities doing business in the U.S. may be required to disclose information regarding their beneficial owners to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is being implemented under the beneficial ownership information (BOI) reporting provisions of the Corporate Transparency Act (CTA) passed by … Read more

What startups should know about BOI

As of January 1, 2024, millions of startups and small businesses must file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The reporting requirement was established under the Corporate Transparency Act (CTA) which is intended to prevent corporations, LLCs, and other business entities from concealing the identities of … Read more

How to File a BOI for Your Business

Under the Corporate Transparency Act, U.S. small businesses must file beneficial ownership information reports with the Department of the Treasury. The Corporate Transparency Act (CTA), aimed at combating illicit financial activity, went into effect on January 1, 2024. Under the act, small businesses across the United States need to file beneficial ownership information reports, also known … Read more

U.S. BOI Registry Now Accepting Reports

Existing Companies Have One Year to File; New Companies Must File Within 90 Days of Creation or Registration WASHINGTON – Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in … Read more

Beneficial Ownership Information Reporting

Frequently Asked Questions FinCEN has prepared the following Frequently Asked Questions (FAQs) in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule. These FAQs are explanatory only and do not supplement or modify any obligations imposed by statute or regulation. Please refer to the Beneficial Ownership Information Reporting Rule, available at www.fincen.gov/boi, for … Read more

Court Decision Suspends BOI Reporting for Some, Not All

A recent ruling in a federal district court has changed the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements for some, but not all. It’s important to understand if you are part of the group that no longer needs to file, or if the filing requirements for your business are still valid. Who … Read more