“The Corporate Transparency Act requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Beneficial ownership information is information about the entity, its beneficial owners, and in certain cases its company applicants. Beneficial ownership information is reported to FinCEN through Beneficial Ownership Information Reports (BOIRs).”

Reference: FinCEN (https://www.fincen.gov/boi) 

Beginning January 1, 2024, certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States (aka, a “reporting company”) must report information about their beneficial owners—the persons who ultimately own or control the company—to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

This requirement, under the Corporate Transparency Act (CTA) passed in 2021, aims to reveal who truly owns, controls, or benefits from a company. To prevent severe criminal and civil penalties, businesses established in 2024 all reporting companies must submit a Beneficial Ownership Information Report (BOIR).

Generally, a reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report. A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days within formation.

Regardless of your business’s formation date, we can assist you in determining your deadline and filing the report for you!