In 2021, Congress passed the Corporate Transparency Act. As part of this new law, businesses (reporting entities) will now be required to report information regarding their beneficial owners. Starting on January 1st, 2024, reporting entities will need to submit beneficial ownership information (BOI) through the Financial Crimes Enforcement Network's (FinCEN's) website.

​

The form will ask for basic information on business owners, such as names, dates of birth, addresses, and identification numbers. Business owners will have to also include basic information about their businesses in the reporting as well.

The penalties for failure to file this form can be steep, so it will be important for business owners to make submitting this form a priority this year. Owners of reporting entities could potentially be subject to civil penalties of up to $500 per day and criminal penalties of up to two years of imprisonment and a possible $10,000 fine for violating these reporting requirements!

Now that I have got your attention, please reach out if you need assistance in filling out this form.

For more information about beneficial ownership information reporting, refer to the FAQ section on FinCEN's website here.