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Writer's pictureTonita Hollins

Beneficial Ownership Information (BOI) Reporting Requirement and Deadline

As part of ongoing regulatory requirements, the Financial Crimes Enforcement Network (FinCEN) now mandates the filing of a Beneficial Ownership Information (BOI) report for certain businesses, effective January 1, 2024.


 Key Details about the BOI Reporting Requirement:

·         Who Must File: Most corporations, LLCs, and similar entities created or registered in the U.S. may be required to submit this report.

·         What’s Required: Information about beneficial owners, including full name, date of birth, address, and identifying documents, must be included.


Deadlines

·         For entities created before January 1, 2024, the deadline is January 1, 2025.

·         For entities created on or after January 1, 2024, the deadline is **within 90 days of creation or registration.

·         Beginning January 1, 2025, all reports must be filed within 30 days of creation or registration.


We recommend taking action as soon as possible to ensure compliance and avoid any potential penalties. If you need assistance determining your eligibility or completing the BOI report, our team is here to guide you through the process. Please don’t hesitate to reach out with any questions or to schedule a consultation. We’re committed to making this process as seamless as possible for you.

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