*Due to recent court activity, reporting requirements are temporarily suspended. This notice is for informational purposes only, and whether or not you choose to submit a BOIR at this time is up to you. Please remember, the current court activity and resulting suspension is temporary and may not be the final word.
On January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) started requiring some basic ownership and control information to be collected from many business entities. This information is reported to FinCEN in the form of a Beneficial Ownership Information Report (BOIR). Most legal entities are required to report, including corporations, limited liability companies (LLCs), partnerships, and entities created by the filing of a document with a secretary of state or any similar office in the United States. These BOIR requirements come from the Corporate Transparency Act (CTA) passed by Congress in 2021 to help prevent money laundering.
Filing is done online via FinCEN’s website and there is no fee.
For more information on what Beneficial Ownership is, how to file, and what entities are exempt, please visit FinCEN’s FAQs.
Businesses that fail to file a BOIR on time or provide incomplete or incorrect information can face civil penalties.
To file, visit the FINCEN website.