By: Ambur C. Smith, Esq. and Amaya Cheek
As of January 1, 2024, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FINCEN) issued new Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (2021).
In an effort to curb money laundering, small businesses historically exempt from FINCEN reporting requirements must now disclose certain key information about their owners and investors via the agency's online filing system.
Important Dates
Companies formed before 2024 have until January 1, 2025 (1 year) to file their initial BOI report.
Companies formed in 2024 will have 90 days from the date their registration is effective to file their initial BOI report.
Companies formed after 2024 will have 30 days from the date their registration is effective to file their initial report.
For support determining whether these requirements apply to you and your business, filing your BOI report(s), or forming a new business, contact us today!