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FinCEN Beneficial Ownership Information

FinCEN

  • Starting January 1, 2024, many businesses will need to comply with new beneficial ownership information (BOI) reporting requirements issued by the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). These rules mandate that corporations, limited liability companies (LLCs), and other entities report information about individuals who own or control them.

Who needs to report?

The reporting requirement applies to:
  • Corporations, LLCs, and other similar entities created or registered in the U.S.
  • Entities with 20 or fewer full-time employees and $5 million or less in gross receipts or sales from the previous year.
  • Certain entities are exempt, including publicly traded companies, many nonprofits, and certain large operating companies.

Reporting Deadlines

  • Existing Entities (before Jan 1, 2024): Must file their initial BOI report by January 1, 2025.
  • New Entities (created in 2024): Have 90 days after notice of creation or registration to file their initial BOI report.
  • Entities formed on or after Jan 1, 2025: Must file within 30 days of creation or registration.

Information to Report

  • Businesses must provide details on individuals who:

    • Directly or indirectly own or control at least 25% of the company.

    • Exercise substantial control over the company, such as senior officers or those with significant decision-making power.

Filing Process

There is no fee for submitting these reports.


Security & Confidentiality
  • The information will be stored in a secure, non-public database accessible only to authorized government agencies and financial institutions under strict protocols to ensure its security and confidentiality.
  • For detailed guidance, including a compliance guide and other resources, you can visit FinCEN’s website. FinCEN is also providing ongoing outreach and educational resources to help businesses understand and comply with these new requirements.
  • For more details, you can refer to the official FinCEN website or contact Citizens Bank & Trust Company at 270-465-8193