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Beneficial Ownership Information Filing
Toward the end of 2023 the Financial Crime Enforcement Network (FINCEN) issued a rule to comply with the Corporate Transparency Act. It’s to help combat financial fraud such as money laundering, tax evasion, hiding assets via shell companies, and funding terrorism. The rule requires most businesses to file Beneficial Ownership Information (BOI).
UPDATE 12/30/2024
On Thursday, December 26, 2024, a nationwide preliminary injunction was again granted against the Corporate Transparency Act – and the BOI filing requirement within it. This means the filing is not mandatory at least from now until March 25, 2025, when oral arguments will be heard and a new decision made. There will be no penalties until a final decision is made. Read more
