On July 8, 2024, FinCen published updates to its list of Frequently Asked Questions (“FAQs”) to allow entities to understand the compliance requirements for beneficial ownership information reports (“BOIR”) that must be filed with FinCEN under this law.
I reported earlier this year about a new federal law (Corporate Transparency Act) that requires most entities (LLCs and corporations) to report the identities individuals owning beneficial ownership of interests to the U.S. Treasury’s Department’ s Financial Crimes Enforcement Network (“FinCEN”). My blog post can be found here: https://www.pomeroy-law.com/blog/new-law-new-compliance-obligations-corporate-transparency-act
On July 8, 2024, FinCen published updates to its list of Frequently Asked Questions (“FAQs”) to allow entities to understand the compliance requirements for beneficial ownership information reports (“BOIR”) that must be filed with FinCEN under this law. However, FinCen’s officials have stated that the BOIR filing requirement applies to any applicable entity in existence in 2024.
Entities existing before January 1, 2024, have until January 1, 2025 to file its BOIR report with FinCEN. Those entities created after January 1, 2024, have 90 days from the date of creation to file the BOIR report. The FinCen updated FAQs can be found here: https://www.fincen.gov/boi-faqs
If you have any questions as to whether this reporting requirement applies to your company, please contact Maureen Louise Pomeroy at Pomeroy Law P.C. 978-358-7550 or at mpomeroy@pomeroy-law.com.
