New Beneficial Ownership Information Reporting
As a result of the Corporate Transparency Act, most privately held U.S. companies (“Reporting Companies”) will now be subject to the new Beneficial Ownership Information (BOI) reporting requirements. The purpose of these new reporting requirements is to help prevent money laundering and other financial crimes by providing information about beneficial owners who directly or indirectly own or control more than 25% of a company’s ownership interests or directly or indirectly exercises “substantial control” of the company.
For Reporting Companies established prior to Dec. 31st, 2023
The deadline to file their initial BOI report is January 1, 2025. For Reporting Companies established on or after January 1, 2024 the deadline to file their initial BOI report is within 90 days of the Reporting Company’s initial formation date (the original deadline was recently extended from 30 days to 90 days from the Reporting Company’s initial formation date).
The BOI reports will be submitted to The Financial Crimes Enforcement Network (FinCEN), which is a bureau of the United States Department of Treasury.
FinCEN has not yet released a draft of the report, but has stated they will begin accepting BOI reports on January 1, 2024.
Contact Presti & Naegele today to see how the New BOI reporting requirements will impact your business.
Visit the FinCEN website to read more about the specific information Reporting Companies will need to disclose about themselves and their beneficial owners.
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