From the Financial Crimes Enforcement Network (FinCEN):

In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance.

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Reporting companies report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi.

FinCEN began accepting reports on January 1, 2024.

• If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI.

• If your company is created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.

• If your company is created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.

• Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

Many small business owners can easily complete this reporting online - no financial or tax information is required; however, if you would prefer to have our office prepare and submit this for you, please contact your CPA. Please note, there are a few exceptions to this filing requirement - your CPA can advise you on this.

For more information and answers to questions, please click on the following link: https://www.fincen.gov/boi