UPDATE 12/26/24
- Recent Developments 12/26/24: U.S. Court of Appeals for the Fifth Circuit vacated a previous stay on the nationwide injunction against enforcing the Corporate Transparency Act (CTA). This effectively halts all CTA reporting requirements temporarily.
- Entities should still evaluate their reporting obligations and consider voluntary reporting via FinCEN’s system.
Beneficial Ownership Information (BOI) Homepage
Under the Corporate Transparency Act, starting January 1, 2024, most domestic and foreign companies doing business in the U.S. must file Beneficial Ownership Information (BOI) reports with FinCEN. A reporting company is typically defined as any corporation, LLC, or similar entity formed by filing a document with a state office, unless it falls into one of the 23 exempt categories, such as large operating companies, banks, or registered investment companies. These reports are part of the U.S. government’s effort to combat financial crimes by making ownership structures more transparent. Each report must identify the company’s beneficial owners—individuals who own at least 25% or have substantial control—and provide their name, birthdate, address, and an identifying document.
U.S. Department of the Treasury BOI Frequently Asked Questions (Multiple Languages)
How to Report:
Reporting companies report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi. The system provides a confirmation of receipt once a completed report is filed with FinCEN.
PREVIOUS UPDATE 12/23/24
- Preliminary Injunction Stayed 12/23/24: The Fifth Circuit granted the DOJ’s emergency motion, reinstating CTA reporting requirements nationwide, effective immediately.
- New Filing Deadlines:
- Entities existing before January 1, 2024: Deadline extended to January 13, 2025.
- Entities with initial deadlines between December 3-23, 2024: Deadline also extended to January 13, 2025.
- Entities formed December 24-31, 2024: Must report within 90 days of formation.
- Entities formed on or after January 1, 2025: Have 30 days to report.
- Remaining Injunction: A limited injunction applies only to specific plaintiffs in the Northern District of Alabama, including members of the National Small Business Association as of March 1, 2024.
- Congressional Action: Congress opted not to extend the reporting deadline to January 1, 2026, during its recent Continuing Resolution.
- Immediate Action Required: Reporting entities must assess their status and file beneficial ownership information (BOI) by applicable deadlines. Contact legal experts for assistance if needed.
