Under the Corporate Transparency Act of 2021, companies must report their beneficial ownership information (BOI) to the U.S. Department of the Treasury via the FinCEN BOI E-Filing website to combat financial crimes and enhance transparency. Companies established before January 1, 2024, have until January 1, 2025, to file their BOI reports, while those created in 2024 must file within 90 days of creation, and those formed on or after January 1, 2025, have 30 days. The report must be filed electronically and is free of charge. While companies are not required to hire legal or accounting professionals for this process, they may seek assistance if desired.

Reporting requirements differ based on the company’s registration date. Companies established on or after January 1, 2024, must provide details about themselves, their beneficial owners, and their company applicants, whereas those created before this date need only report information about themselves and their beneficial owners. Required information includes the company’s legal name, trade names, principal business address, jurisdiction, and Taxpayer Identification Number (TIN). Beneficial owners and company applicants must provide their names, dates of birth, addresses, and identification numbers. Updates or corrections to the report should be made as needed, and all addresses must be U.S. Street addresses.

Due on December 31, 2024 (Severe penalties if filed late)

For more information about FinCEN, click here

How to get a FinCEN ID Number, please click here.

How to File Beneficial Ownership Information, please click here.

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