12/04/2024
Important!
Beginning January 1, 2024, many companies will have to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
This new requirement is in response to the Corporate Transparency Act (CTA). The CTA created a beneficial ownership information reporting requirement to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
In order to complete the filing, we will need copies of each beneficial owner’s driver’s license or state issued identification. The link to complete the filing is https://boiefiling.fincen.gov/
A beneficial owner is any individual who, directly or indirectly, owns or controls at least 25% of the company. For more information on the new beneficial ownership reporting requirements, you can visit FinCEN’s website [www.fincen.gov/boi].
If a reporting company already exists as of January 1, 2024, it must file its initial BOIR by January 1, 2025. If a reporting company is created or registered to do business in the United States on or after January 1, 2024 and before January 1, 2025, it must file its initial BOIR within 90 days after receiving actual or public notice that its creation or registration is effective. If a reporting company is created or registered to do business in the United States after January 1, 2025, then it must file its initial BOIR within 30 days after receiving actual or public notice that its creation or registration is effective. The penalties for noncompliance are high.
In order to complete the filing, you will need copies of each beneficial owner’s driver’s license or state issued identification to upload.