New Beneficial Ownership Information (BOI) Reporting Requirements

UNITED STATES–Congress enacted the Corporate Transparency Act to stop illegal finance activity in 2021. This law requires qualified companies doing business in the here to report information as to ownership and controlling interest in the company to the Financial Crimes Enforcement Network (FinCEN), a subsidiary of the U.S. Treasury. FinCEN began accepting reports on January 1, 2024 and all companies not exempt must comply by December 31, 2024.

What is beneficial ownership information? This is basic identifying information about the individuals who directly or indirectly own/control the company.

How do you report? It is done electronically through Financial Crimes Enforcement Networks’ website: https://www.fincen.gov/ Go to file your report now.

•Tutorial: Five Minute Demo

•Who has to report?

•Any entity that meets the reporting company definition and does not qualify for an exemption.

•New companies and startups who were created or registered in 2024 have 90 calendar days after receiving actual or public notice of the company’s creation or registration to file their initial report.

•Existing companies created or registered to do business before 2024 have until January 1, 2025 to file their initial report.

•Small Entity Compliance Guide

•FAQ’s

The SBA is hosting a training on July 24th from 11 to 11:45 am! It is online but you need to reserve a spot using this link. Please let me know if you need a place to watch the training! We can host this online training in the Port office conference room.