Beneficial Ownership Information Reporting Resources
January 8, 2024
Beginning January 1, 2024, many organizations will be required to comply with the new Federal reporting requirement for Beneficial Ownership Information (BOI). This requirement is a component of the Corporate Transparency Act (CTA) and applies to all Reporting Companies.
23 exceptions to the disclosure requirements do exist, with the most common exceptions being:
- “Large Operating Companies” that meet all of the following requirements (a) have more than 20 full-time US employees, (b) reported more than $5 million of revenue from US sources in the prior year, and (c) have a physical presence at a physical location in the U.S.
- Nonprofit entities, political organizations, and some tax-exempt trusts
- Public companies, insurance companies, banks, and registered investment companies
Organizations that do not meet an exception will be required to disclose information about their “beneficial owners” (legal name, date of birth, address, and photocopy of government-issued ID). Beneficial owners include those that exercise substantial control over the entity (senior officers or important decision-makers) or owns or controls 25% or more of the organization.
Organizations created prior to January 1, 2024 will have until January 1, 2025 to submit their initial report to FinCEN. Those that do not comply will face substantial civil or criminal penalties. Below you’ll find a resource for determining whether you are exempted, a basic overview with frequently asked questions, and additional links and information about filing to help you submit your information.
Step 1 | Understanding the Basics
Review our FAQ document to get a general understanding of the new filing requirement.
Step 2 | Filing Exemptions
Complete our interactive exemption questionnaire to determine if your company will have a filing requirement or meets one of the exemptions to filing.
Step 3 | Filing Instructions
Have questions about beneficial ownership or filing for your company? Reach out to our team of advisors and we’ll help you through it.