Beneficial Ownership Information Reporting

In 2022, the Financial Crimes Enforcement Network (FinCEN) issued final ruling on implementation of CTA (Corporate Transparency Act's) and the BOI (Beneficial Ownership Information) report.  The ruling gives the government agencies the information needed to protect national security and financial systems from illicit use and help prevent drug trafficking, fraud and other criminal activity from laundering or hiding money in the United States.  While certain publicly traded companies are exempt, most Corporations and Limited Liability Companies are required to file.

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• FinCEN will begin accepting BOI reports on January 1st, 2024

• New businesses that are formed on or after January 1st, 2024 must file within 90 days of business formation; As of January 1st, 2025, new businesses that are formed will have 30 days to file.

• Existing businesses that were formed before January 1st, 2024, must file before January 1st, 2025.

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Want more information about the the requirements and who is required to file? Visit the FinCEN frequently asked questions website.

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