Important Deadline for Business Owners
Beneficial Ownership Information Reporting
Deadline to Report is January 1, 2025
Are you one of the millions of business owners affected by the Corporate Transparency Act? If so, you may be required to report Beneficial Ownership Information (BOI) to the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN). It is imperative that you are aware of the FinCEN reporting requirements and know where to access additional information. Failure to report by the deadline, or at all, could result in hefty penalties. A reporting company created or registered to do business before January 1, 2024 will have until January 1, 2025 to file its initial Beneficial Ownership Information report.
BOI Reporting provides details about individuals who own businesses that operate in the United States. The new reporting requirements will help prevent money laundering by making it harder for wrongdoers to hide behind opaque ownership structures.
Impacted businesses are required to report the following identifying information:
Full company name and trade name (if applicable)
Street address of the company’s principal place of business in the United States or primary location where the company conducts business in the United States
Name, date of birth and address for each individual who is a beneficial owner of the company or who is the company applicant (the individual who files or controls the filing of the document that creates a domestic entity or first registers a foreign entity)
Taxpayer identification number
Jurisdiction of formation or foreign business registration
How to Report
Impacted businesses may file their report through FinCEN’s e-filing system. Some clients may not have a grasp of all entities that need to file a report. For example, if you have any interest in a closely held entity or you exert significant control over an entity as an officer, director, manager, etc., then you may be subject to the new reporting regulation. If you need help with filing or identifying entities formed in the past – either through Kanner Baker, on your own or through another firm – we can assist you if you specifically engage us to do so. Please reach out to us with any questions or if you think you need help.