In 2021, Congress passed the Corporate Transparency Act (CTA) as part of the U.S. government’s efforts to address money laundering, financing of terrorism, tax fraud, and other illegal acts. Part of the CTA requires businesses in the US to register their Beneficial Ownership Information (BOI) with FinCen, the Financial Crimes Enforcement Network. This form requires ownership information for anyone owning at least 25% of the entity or exercises substantial control over the reporting entity.
The timeline of the reporting requirements follows:
If your business entity was formed BEFORE January 1, 2024, you have until December 31, 2024, to complete the registration.
If your business entity was formed AFTER January 1, 2024, and before January 1, 2025, the registration is due within 90-days of forming the entity.
After January 1, 2025, the registration is due within 30-days of forming the entity.
BOI E-FILING (fincen.gov)
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