New Federal Reporting for Beneficial Ownership Information

Beneficial Ownership reporting requirements mandate that companies operating in the United States must file information about their “beneficial owners” (individuals with substantial control over the company) with the Financial Crimes Enforcement Network (FinCEN) through the Corporate Transparency Act (CTA), which was enacted in 2021.  “Reporting Companies” under CTA generally includes most corporations and LLCs formed or registered to do business in the United States.  Information collected typically includes details like legal name, date of birth, physical address, and identification number for both the business and beneficial owners as applicable.  While this filing requirement was originally effective as of January 1, 2024 for new businesses and as of January 1, 2025 for existing businesses, federal court orders on December 27, 2024 had delayed the requirements.

As of February 18, 2025, Beneficial Ownership Information (BOI) reporting requirements under the CTA are once again back in effect.  The Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline.  For the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025.  FinCEN will provide an update before then of any further modification of this deadline.

For filing, additional information and FAQ, please visit www.fincen.gov/boi .