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.

Key Topics

• Corporate Transparency Act
• Beneficial ownership reporting requirements
• Implications
• BOI in practice

Learning Objectives

• Determine which entities are required to report under the Corporate Transparency Act, and what information must be submitted.
• Identify best practices for reporting, recordkeeping, and how to comply with ongoing requirements.