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  • Writer's pictureHoyt, Filippetti & Malaghan, LLC

Beneficial Ownership Information: Updates and Key Insights to New Reporting Requirements



In 2021, the Corporate Transparency Act was enacted by congress. As part of this Act, new beneficial ownership information reporting requirements were created “as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.”


Here are some of the highlights of what you need to know – 


What is beneficial ownership information (BOI)? 

Identifying information about the individuals who directly or indirectly own or control a company. 


When should my company report beneficial ownership information (BOI)?

January 1, 2024 is the first day that FinCEN will begin accepting BOI reports.  


Existing Companies: A company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial BOI report. 


New Companies: A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. 


Does it cost anything to submit the report? 

No, there is no cost when submitting your BOI report. 


Where can I find the reporting form? 

The form has not yet been released. Once available, it will be posted here


Is a reporting company required to use an attorney or a certified public accountant (CPA) to submit beneficial ownership information to FinCEN? 

No, the expectation by FinCEN is that reporting companies will be able to submit their BOI information on their own. Because advising clients regarding compliance with the Act may be considered the unauthorized practice of law, we strongly urge you to consult legal counsel should you have any questions. 


If you have questions, contact HFM today. Our professionals are well versed on the latest issues to provide our clients with professional, personalized services. 

 

 

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