|
The Corporate Transparency Act went into effect on Many small businesses may need to file Beneficial Ownership Information (BOI) reports with FinCEN. |
|
What is the Beneficial Ownership Information report & the Corporate Transparency Act?
BOI reporting is part of the Corporate Transparency Act that Congress passed in 2021 to crack down on money laundering, financing of terrorism, tax fraud and other illegal acts. The BOI report will contain personal identifying information about a company's beneficial owners that will be filed with FinCEN - the U.S. Department of Treasury's Financial Crimes Enforcement network.
Am I REQUIRED to file a report?
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
How do I file my BOI report?
Filing your BOI report directly with FinCEN is free of charge. You can find out more information on their website.
