Hey Business Owners!
Did you know that the Financial Crimes Enforcement Network (FinCEN) has implemented new Beneficial Owner Information Reporting Requirements (BOI) under the Corporate Transparency Act?
Starting January 1, 2024, certain businesses, including corporations, limited liability companies (LLCs), and similar entities, must disclose specific information about their beneficial owners. A "beneficial owner" generally includes any individual who owns or controls 25% or more of the entity or exercises substantial control over the business. This may also include corporate officers who are not shareholders.
Key Filing Deadlines:
- Entities formed before January 1, 2024must file their initial report by January 1, 2025.
- Entities formed between January 1, 2024, and January 1, 2025are required to report within 90 days of formation or registration.
- Entities formed on or after January 1, 2025must file their report within 30 calendar days of formation or registration.
- Updates: Any changes to your company or beneficial owners' information must be reported within 30 calendar days of the change.
For more information, visitFinCEN’s BOI page!