Home / Did You Know…TAX? Beneficial Ownership Information Reporting

Did You Know…TAX? Beneficial Ownership Information Reporting

January 30, 2024 | Weekly Commentary

In 2021, Congress passed the Corporate Transparency Act which requires Corporations, LLCS and other entities who have registered with the Secretary of State to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).  The BOI report discloses information regarding individuals who either own at least 25% of the business or has substantial control over the company, including names, addresses and identity verification documents such as a driver’s license or passport.   

Please note that this is not a tax filing with the IRS but a regulatory filing with FinCEN that must be filed prior to 1/1/2025.   

To file the report, please go to http://boiefiling.fincent.gove/fileboir. 

For more information, please refer to http://www.fincen.gov or contact your attorney.