UPDATE: March 21, 2025, FinCEN issues new interim final rule, exempting U.S. companies and U.S. persons from beneficial ownership information reporting. Foreign entities registered to conduct business in the U.S. must still comply. Read our latest blog.
Congress passed the Corporate Transparency Act of 2021 (CTA) to enhance transparency and combat illicit activities such as money laundering, terrorism financing and tax evasion.
As part of this legislation, certain businesses, including LLCs, corporations and similar entities, are required to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Beneficial ownership information includes contact information on many entities, as well as those who own or control certain entities.
Visit this page regularly for updates as we continue to add resources to help you better understand the requirements and how you can most efficiently comply.
Let us help your entity with its necessary BOI filings. Once you have determined your filing requirements with your legal counsel and gathered the necessary information and supporting documents, we can submit the filings to FinCEN on your entity’s behalf. Our engagement letter will specifically outline the BOI services we will provide to you and your entity.
Note: You and your entity will be responsible for monitoring your BOI information for any changes to be reported throughout the year and beyond. If your reporting entity information changes and a new BOI submission is required, you will need to reach out to us to resubmit the new information to FinCEN.
As the CTA is not a part of the tax code, the assessment and application of many of the requirements set forth in the regulations, including but not limited to the determination of beneficial ownership interest, necessitate the need for legal guidance and direction. As such, since we are not attorneys, our firm is not able to provide you with any legal determination as to whether an exemption applies to the nature of your entity or whether legal relationships constitute beneficial ownership.