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Beneficial Ownership Information Reporting

BRIAN WOLSKI, CPA

GEORGE W BOON CHARTERED

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Corporate Transparency Act (CTA) enacted as part of the Anti-Money Laundering Act in the 2021 National Defense Authorization Act

  • This is a legal requirement, not a tax or accounting requirement
    • Discuss with your attorney if you have questions
  • Go to https://www.fincen.gov/boi to get additional information and go through filing process (Reporting Requirements/Filing Instructions)
    • Determine if your company meets any exceptions to filing
    • Determine who is a “beneficial owner” and “company applicants”
    • Updating information after initial filing as needed within 30 days of a change
  • Effective 1/1/2024
    • Companies created before 1/1/24, need to comply before 1/1/25
    • Companies created in 2024 have 90 days to comply
    • Companies created after 12/31/24 have 30 days to comply

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