New Requirement: Beneficial Ownership Information Report Due January 1, 2025
Under the Corporate Transparency Act (CTA), most U.S. businesses are now required to file a Beneficial Ownership Information Report (BOIR) by January 1, 2025. This new mandate, overseen by the Financial Crimes Enforcement Network (FinCEN), aims to enhance transparency in business ownership and help prevent financial crimes.
The BOIR requires businesses to report key details about their beneficial owners, including full legal name, date of birth, residential or business address, and a unique identifying number (such as a passport or driver’s license number). Failure to file by the deadline may result in penalties of up to $500 per day.
This requirement is an important step towards increasing corporate accountability and supporting law enforcement in tackling money laundering and other financial crimes. To ensure compliance and avoid penalties, businesses should start gathering the necessary information now or give us a call in order to get everything completed by the deadline.
