FinCEN Beneficial Ownership Information Reporting

In 2021, Congress approved the Corporate Transparency Act (CTA). The CTA requires companies registered to do business in the United States to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). The aim of the CTA is to prevent bad actors from concealing the identities of those responsible for business entities in the United States who may engage in tax fraud, money laundering, funding of terrorism, or other illegal activities.

The reporting requirement went into effect on January 1, 2024. With a few exceptions, most US businesses are required to report. Our post, 5 Questions Answered About the Corporate Transparency Act , covers the act in more detail.

When are you required to file?

Reporting entities formed before January 1, 2024 will have until January 1, 2025 to file the Beneficial Ownership Information Report (BOIR).

Reporting entities formed or registered on or after January 1, 2024 must file the BOIR within 90 calendar days of the date of creation or registration.

If you’ve already filed a report and any information regarding either the reporting company or the beneficial owners, you must file an updated BOIR within 30 days.

Please contact us if you have further questions about filing requirements.

Benefits of filing with CorpCo:

Personalized Service – Work directly with CorpCo’s team of specialists. Our specialists understand your needs and your concerns and are readily available by phone or email when you have questions. If you’re already our client, you’re well aware of the level of care provided to our clients. If you aren’t already a client, give us a call at 302-652-4800 and find out why most of our new business comes from client referrals.

Guidelines & Exemption Tools – CorpCo provides assistance navigating FinCEN’s guidelines and tools used for determining if your company qualifies for exemptions.

Secure Portal – Protect your data. Upload your sensitive information directly to CorpCo’s secure client portal directly.

Confirmation – You’ll receive the filed BOIR Transcript immediately upon completion of the filing.

Related Services Available – The reporting company must provide a tax ID. If you do not have an EIN (Employer Identification Number) , CorpCo can assist with obtaining one for your company.

Ready to file your BOIR or update an existing report?
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