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View All InsightsUnderstanding exemptions from Beneficial Ownership Information reporting requirements
August 14, 2024
Read MoreBeneficial Ownership Information Report: A complete guide for small business owners and sole proprietors
August 1, 2024
Read MoreFrequently asked questions
A Beneficial Ownership Information (BOI) Report is a document that identifies the people who directly or indirectly own or control a company.
The report is required by the Corporate Transparency Act (CTA) of 2021, which went into effect on January 1, 2024, and must be filed with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
The CTA’s purpose is to prevent corporations’ misuse for criminal gain and combat illicit activities like money laundering and tax evasion. Learn more about BOI reporting.
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction, temporarily halting enforcement of the Corporate Transparency Act’s Beneficial Ownership Information (BOI) reporting requirements. It’s important to note this paused the enforcement powers of FinCEN, but does not eliminate the requirement for businesses to file BOI reports.
While compliance timelines are currently under review, businesses are still encouraged to file proactively to avoid potential risks.
Certain legal entities, including corporations, limited liability companies (LLCs), and limited partnerships, are required to file a BOI report. The requirements depend on factors such as the company’s formation date, the nature of its business activities, and whether it has a federally insured deposit account.
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Yes! We provide the information and resources you need to file yourself. However, we save you time and ensure accuracy, giving you peace of mind.