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).
The big takeaways:
  • Companies created in 2023 or earlier have until December 31, 2024 to file.
  • Companies created in 2024 must report within 90 days of receiving notice their filing is accepted. 
  • Companies created in 2025 and later must report within 30 days.
  • If BOI information changes at any time, a new filing must be made. 
  • There are significant financial penalties for noncompliance.
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