Beneficial Ownership Information Registry: This is required for all the business owners to register on FINCEN. MUST DO

By Federal Tax Update Staff
The Financial Crimes Enforcement Network’s BOI reporting portal is now open for business, according
to a news release. Reports can be filed at https://www.fincen.gov/boi
The Corporate Transparency Act (CTA) requires many entities doing business in the US to report
information about the individuals who ultimately own or control them (beneficial owners). Beneficial
owner information (BOI) reporting is not an annual requirement. Entities only need to submit reports
once, unless the reported information needs to be updated or corrected.
Companies that are required to comply (“reporting companies”) must file their initial reports by the
following deadlines:
Reporting companies created or registered to do business in the US before January 1, 2024, must file
their BOI reports by January 1, 2025.
Reporting companies created or registered to do business in the US in 2024 have 90 calendar days to
file after receiving notice that the company’s creation or registration is effective.
Generally, reporting companies must provide four pieces of information about each beneficial owner:
• name;
• date of birth;
• address; and
• proof of identity.

Note. To prove the beneficial owner’s identity, the reporting company must provide a legible image of
one of the following valid and unexpired documents:

  • US driver’s license
  • US passport (or foreign passport in certain circumstances)
  • US State, local or tribal government issued identification card or other document.
    Note. The image must include the document number and the name of the document’s issuer.
    The reporting company must also submit certain information about itself, including its name(s) and
    address. In addition, reporting companies created on or after January 1, 2024, are required to submit
    information about the individuals who formed the company (“company applicants”).
    For more information about reporting process, visit https://www.fincen.gov/boi.

Reference: Thomson Reuters / Tax & Accounting.

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