In 2021, Congress enacted the Corporate Transparency Act. This law created a Beneficial Ownership Information (BOI) reporting requirement as part of the U.S. government’s efforts to combat money laundering. Many companies in the United States are required to report information about their beneficial owners (i.e., the individuals who ultimately own or control the company) to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.

WHO HAS TO REPORT?

Your company may be required to report information about its beneficial owners if your company is a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe. Please refer to the Small Entity Compliance Guide on FinCEN’s website to determine if your company qualifies for an exemption:  www.fincen.gov/boi/small-entity-compliance-guide.

NOTE: Bank Forward does not offer legal advice; for reporting assistance, please consult an attorney about BOI reporting requirements.

HOW DO I REPORT?

Reporting companies will have to report BOI electronically through FinCEN’s website: www.fincen.gov/boi.

WHEN DO I REPORT?

If your company was created or registered before January 1, 2024, you have until January 1, 2025, to report BOI. If your company is created or registered on or after January 1, 2024, you must report BOI within 90 days of notice of creation or registration.

WHERE CAN I LEARN MORE?

You can find guidance materials and additional information by visiting www.fincen.gov/boi.