A new reporting requirement for Beneficial Ownership Information went into effect Jan. 1, 2024. While certain companies are exempt from the reporting requirement, many will be required to report.

Initial Due Date Quickly Approaching

Filing deadlines for certain entity types are quickly approaching. For example, Reporting Companies created or registered to do business in 2024 must file their initial BOI report within 90 days of the effective date of their creation or registration.

Fraudulent Solicitations

Fraudulent attempts are being made to solicit information under the guise of this new reporting requirement. Companies should be aware that FinCEN does not send unsolicited requests for information.

Learn more about upcoming filing deadlines and how to avoid scams.

Note: There are many aspects of this new BOI reporting requirement that are legal in nature and outside the scope of traditional tax and accounting services. Thus, consultation with legal counsel is recommended for additional assistance.