Earlier this year, we informed you about the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act. As the deadline approaches, we want to remind you of key details and provide updates to ensure your compliance.
On October 3, 2024, FinCEN released updated Frequently Asked Questions (FAQs) to address common inquiries regarding the BOI Reporting Rule. These FAQs offer further guidance regarding filing requirements and processes for reporting beneficial ownership information.
Who Must File and When:
- Existing Companies (formed on or before December 31, 2023):
You must file your BOI report no later than December 31, 2024. - New Companies (formed between January 1, 2024, and December 31, 2024):
You have 90 days from the date of formation to file your BOI report. - Companies Formed on or after January 1, 2025:
You must file your BOI report within 30 days of formation.
FinCEN is Now Accepting Reports:
FinCEN has launched its online portal for submitting BOI reports. Companies can now file their reports electronically or download a printable form. You can access the portal and begin your filing here.
Information Required for Reporting:
To comply with BOI reporting requirements, you must provide several pieces of key information for both the corporate entity and any beneficial owners, including:
- Company and beneficial owner addresses
- Tax identification numbers
- Corporate registration details
- Identification documentation for beneficial owners (e.g., passports, driver’s licenses)
Next Steps:
If your company is required to report, we strongly recommend gathering the necessary information promptly to meet the deadlines.
The Corporate and Business Services attorneys at Mansour Gavin are ready to assist with any questions or concerns you may have regarding these mandatory filings. Please don't hesitate to contact us for guidance on completing your report and ensuring compliance.
