In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury.
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company.
Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:
- Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
- Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective. Beginning in 2025, newly created or registered companies will have 30 days.
Webinar
Join us this week as we host Phil Lam from FinCEN, to learn more about the BOI reporting requirements, exemptions, how and where to file your report, and a walk-through of the filing process. We will have time for audience Q&A as well.
December 4, 10:00 AM – 11:00 AM PT, Online
Register here