01/29/2024
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The Financial Crimes Enforcement Network, a division of the US Department of the Treasury, recently released guidelines on Beneficial Ownership Information Reporting (BOI Reporting), introduced under the 2021 Corporate Transparency Act. This regulation requires certain domestic and foreign companies, known as reporting companies, to disclose information about the individuals who ultimately own or control the company. If your company was created or registered to do business before January 1, 2024, it must file its initial BOI report by January 1, 2025. Companies created or registered between January 1, 2024, and January 1, 2025, will have 90 calendar days after receiving notice of the company's creation or registration to file its initial BOI report. Companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company's creation or registration is effective to file their initial BOI reports. As a US-registered company, you are subject to this new compliance framework, and reporting companies may begin submitting their BOI reports on January 1, 2024. It is crucial to note that reporting companies must submit their beneficial ownership information to FinCEN electronically through a secure filing system. BOI reports may be submitted by anyone whom the reporting company authorizes to act on its behalf, such as a third-party service provider.
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