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November 8, 2023
On September 29, 2022, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of Treasury, issued its final rule (the “Rule”) implementing the beneficial ownership information (“BOI”) reporting requirements of the Financial Corporate Transparency Act (the “Act”) that will affect millions of privately owned companies.
The Act was enacted with the aim of enhancing financial transparency and preventing illicit activities, such as money laundering and terrorism financing, by requiring certain companies (each a “Reporting Company”) to disclose accurate and up-to-date beneficial ownership information to FinCEN. The Act will affect a broad range of entities including, but not limited to:
Under the Act, Reporting Companies that do not qualify for an exemption will be required to file a BOI report that includes certain required information about their Beneficial Owners.
Here are some quick answers to some key questions relating to the Corporate Transparency Act:
About Whom must a Reporting Company report?
Who is a Beneficial Owner?
Who is a Company Applicant?
What information must be provided about the Beneficial Owners?
How do I make these BOI reports?
When do I have to make these reports?
What Companies are exempt from reporting?
What are the penalties if I fail to timely report?
How can companies prepare?
BoyarMiller is committed to assisting you in navigating this new regulatory environment. If you have any immediate questions or concerns, please do not hesitate to reach out to our dedicated team at 713.850.7766 or visit our website at boyarmiller.com.
[1] FinCEN issued a Notice of Proposed Rulemaking (NPRM) to extend the deadline from 30 calendar days to 90 calendar days for entities created or registered in 2024. The public comment period closes 10/30/23.
With a deep understanding of your business alongside clear and honest communication, we help clients face challenges fearlessly.
Contact us today to learn more about our services and how we can help you achieve the results you need.