Understanding the Beneficial Ownership Information Reporting Requirements
Most U.S. entities must report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). Enacted by Congress in 2021, the CTA directs the U.S. Treasury Department to create a federal database of the beneficial ownership information of myriad entities, including most corporations and LLCs.
The reporting rules went into effect on January 1, 2024, for newly created entities. Entities in existence as of the end of this year have one year to report to FinCEN.
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Partner at Portebrown
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Senior Transactional Attorney at Rock Fusco & Connelly LLC
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SVP at American Community Bank & Trust
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