The Financial Crimes Enforcement Network (FinCEN) has adjusted the timeline for beneficial ownership information (BOI) reporting. Businesses should be aware that a 30-day extension has been implemented, moving the general deadline to March 21, 2025. This adjustment is a direct result of the recent reinstatement of BOI reporting regulations under the Corporate Transparency Act (CTA), […]
Confused about the new Beneficial Ownership Information (BOI) requirements? You’re not alone. The BOI rules, enacted under the Corporate Transparency Act, require certain companies to report their ownership details to FinCEN. This transparency is crucial in the fight against financial crime. The BOI reporting requirements, enacted under the Corporate Transparency Act, require certain companies to
The Beneficial Ownership Information Reporting rule (BOI), implemented in January 2024, aims to increase transparency by requiring companies to report their true owners. This helps authorities fight financial crime. However, the rule faces legal challenges. On March 1, 2024, a federal court in Alabama ruled the law behind BOI, the Corporate Transparency Act (CTA), unconstitutional.
