Reminder: Don’t Miss the Beneficial Ownership Information (BOI) Reporting Deadline
Starting January 1, 2024, many companies in the United States are required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. This new requirement is part of the Corporate Transparency Act (CTA), designed to promote transparency and combat financial crimes.
Who Needs to Report?
Companies required to report are classified as reporting companies. These entities must gather information from their beneficial owners—individuals who ultimately own or control the company—and submit it to FinCEN.
How Do You File?
Reporting is straightforward, secure, and free. Reports must be submitted electronically via FinCEN’s website: www.fincen.gov/boi. Once a report is successfully filed, the system will provide a confirmation of receipt.
When Do You Need to Report?
Deadlines Based on Company Registration Date
Companies Created or Registered Before January 1, 2024
Deadline: January 1, 2025.Companies Created or Registered in 2024
Deadline: Within 90 calendar days of receiving notice of creation or registration.Companies Created or Registered on or After January 1, 2025
Deadline: Within 30 calendar days of receiving notice of creation or registration.
Updating or Correcting Information
If there are changes to previously reported beneficial ownership information, updates or corrections must be submitted to FinCEN within 30 calendar days of the change.
Why Is Beneficial Ownership Reporting Important?
This requirement aims to enhance corporate transparency, making it harder for bad actors to hide behind anonymous entities. Compliance ensures your company stays in good standing while avoiding potential penalties.
Next Steps
Determine if Your Company Is a Reporting Company
Not all entities are required to file. If you’re unsure, consult with your legal advisor and/or visit the FAQs.Gather Beneficial Ownership Information
Collect the necessary details about your beneficial owners, including legal names, addresses, and identification numbers.File Your Report
Visit www.fincen.gov/boi to submit your report electronically.
