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As of January 1, 2024, business owners of certain types of companies will need to report beneficial ownership information to FinCEN (the Financial Crimes Enforcement Network).
The Beneficial Ownership Information (BOI) Reporting Rule was established under the Corporate Transparency Act (CTA) and is aimed at enhancing transparency and preventing financial crimes.
A beneficial owner is an indiviudal who directly or indirectly either:
Companies that are required to report their beneficial ownership information are called ‘reporting companies’. Visit FinCEN’s website to determine if you are a reporting company or may qualify for an exemption.
The vast majority of companies must file their BOI report online. If a reporting company is unable to electronically file their BOI report, they should contact FinCEN to make other arrangements.
The company must report its full legal name and any trade names, US address, jurisdiction of formation, and IRS Taxpayer Identification Number. It must also report each beneficial owner and company applicant’s full legal name, date of birth, current address, unique identifying number along with issuing jurisdiction, and image of a non-expired government ID.
Reporting companies must also file an updated BOI report within 30 days of any changes to the above information. For example, if an individual listed in the ownership report moves, the new address must be updated with FinCEN within 30 days.
Learn more about the Beneficial Ownership Information requirements and FAQs on FinCEN’s Beneficial Ownership Information webpage.
Once filed, maintain a copy of the report with your business documentation.
The deadlines for reporting beneficial ownership are:
Failure to provide complete and accurate information can result in criminal or civil penalties.
Business owners should be proactive in understanding and complying with the BOI Reporting Rule. To learn more about how this rule affects your business and to ensure your compliance, don’t hesitate to reach out to Brandi Pitre, ACU of Texas Business Banking Specialist.
Contact Brandi Pitre at bpitre@acutx.org or (281) 476-3543 for more information.
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