Beneficial Ownership Information (BOI) Reporting Requirement
Starting Jan. 1, 2024, a significant number of businesses were required to comply with the Corporate Transparency Act (CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as "BOI") of certain entities from people who own or control a company.
The CTA is not a part of the tax code. Instead, it is a part of the Bank Secrecy Act, a set of federal laws that require record-keeping and report filing on certain types of financial transactions. Under the CTA, BOI reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN), another agency of the Department of the Treasury.
Follow this link to the official FinCEN BOI page. You will have access to the latest guidance. Filing of the BOI report can also be done there as well.
UPDATE 12/23/24
See this update from the Journal of Accountancy regarding extended due dates due to the overturn of temporary injunction.
Injunction Lifted: FinCEN
