Corporate Transparency Act – Beneficial Ownership Information (BOI)
This law, added in 2021, created a new beneficial ownership information (BOI) reporting requirement. Starting January of 2024, this report will be required for many entities, as part of the U.S. government’s efforts to address financial crimes.
Many entities created in, or registered to do business in, the United States will be required to report to FinCEN information about their beneficial owners – the individuals who ultimately own or control a company. If you have a business entity that was registered with the North Carolina Secretary of State, or other similar state agency, your deadline with filing the required reports to FinCEN is December 31, 2024.
As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) is now accepting U.S Beneficial Ownership Information through the FinCEN secure website (https://www.fincen.gov/boi).
Filing is simple, secure, and free of charge through FinCEN’s secure website. Refer to the Beneficial Ownership Information Filing Instructions.
In addition to the resources and FAQs available through the FinCEN secure website, they have also published a Small Entity Compliance Guide. This guide can be found at the following link:
https://www.fincen.gov/boi/small-entity-compliance-guide
If you have questions concerning the new beneficial ownership information (BOI) reporting requirement and wish to discuss them with our office, please contact us after April 15th and we will be glad to assist you in regarding the applicability of the reporting requirements and issues surrounding the collection of relevant ownership information.
