A Reporting Reminder

Beginning January 1, the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information (BOI) reports about individuals who own or control companies. This was included in the bipartisan 2021 Corporate Transparency Act, in an effort to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.” Deadlines of note:

  • A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial BOI report.
  • A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
  • A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.

Contact us if you have questions about your obligations regarding BOI reports, or whether your company meets the rule’s definition of a “reporting company.” See also FinCEN’s Small Entity Compliance Guide.