Under the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN) now requires certain businesses to report beneficial ownership information (BOI) to promote transparency and combat financial crimes. Here’s what you need to know about who must file, what to include, and the deadlines.
Who Needs to Report?
Businesses required to file include:
- Corporations, LLCs, and similar entities created or registered to do business in the United States.
- Foreign entities registered in the U.S.
What Information is Required?
Businesses must report details about their beneficial owners, including:
- Full legal name
- Date of birth
- Residential or business address
- A unique identifying number from an official document, such as a passport or driver’s license
Updated Deadlines
Recent federal court rulings have updated the BOI reporting deadlines:
- For entities created before January 1, 2024: File by January 13, 2025.
- For entities created or registered between September 4, 2024, and December 23, 2024: File by January 13, 2025.
- For entities created on or after January 1, 2025: File within 30 days of creation or registration.
Extensions may apply for entities impacted by disaster relief.
How to File
Visit the FinCEN filing portal to access resources and submit your BOI report.
This new regulation aims to bolster financial integrity. Be sure to meet the filing requirements to stay compliant!
