As the new year approaches, so does an important deadline: although January 1, 2025, is the date by which non-exempt companies formed prior to 2024 must file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA), we recommend that affected entities file BOI Reports no later than December 31, 2024.
Enacted in 2021, and effective January 1 of this year, the CTA aims to combat illicit financial activity by requiring certain businesses operating in or accessing U.S. markets to provide ownership information on associated individuals.
Looking forward from January 1, non-exempt companies must file BOI reports: (a) within 30 days of entity formation; and (b) within 30 calendar days of changes to any information provided in the initial or a subsequent BOI report.
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