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As of January 1, 2024, the Corporate Transparency Act is in effect. Small businesses are required to file Beneficial Ownership information (BOI) reports with FinCEN.
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What is the Beneficial Ownership Information report and the Corporate Transparency Act?
BOI reporting is part of the Corporate Transparency Act that Congress passed in 2021 to crack down on money laundering, financing terrorism, tax fraud and other illegal acts. The BOI will contain personal identifying information about a company's beneficial owners that will be filed with FinCEN - the U.S. Department of Treasury's Financial Crimes Enforcement Network.
Beneficial Ownership Information Report Quiz
Use BizFilings' quiz to help determine your filing status. Walk through a series of questions designed to help businesses like your understand their potential reporting status. Use our quiz to better understand your reporting status.
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With the February 18, 2025, decision by the U.S. District Court, beneficial ownership information (BOI) reporting is once again back in effect. FinCEN has stated that, for most reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025.
On March 2, 2025, the Treasury Department announced it will not enforce any penalties or fines associated with the Beneficial Ownership Information (BOI) reporting rule under the existing regulatory deadlines.
It will also not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the rule changes take effect.
The Treasury also announced that it will further issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
Reporting requirements and deadlines may continue to change following court or agency decisions.