New Federal Reporting Requirement Impacts Small Business Owners
A new federal regulation issued by the Financial Crimes Enforcement Network (FINCEN), an agency of the U.S. Treasury Department, is impacting the small business community. 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 the business. The Beneficial Ownership Information (BOI) Report became effective on January 1, 2024. Companies that registered their business (with the state) prior to January 1, 2024 must file the federal report by January 1, 2025. Companies formed on or after January 1, 2024 are required to file the BOI within 90 days of registering the business (with the state). The report can be filed electronically through FinCEN's website which provides a receipt upon completion. The electronic filing is secure and free of charge. Daily penalties may be assessed upon failure to file the BOI. Read more about this new federal requirement and tap into the resources provided below.
Beneficial Ownership Information (BOI) Reporting
