Effective January 1, 2024, all US and foreign companies formed in or registered with any of the 50 US states must comply with new Beneficial Ownership Information (BOI) reporting requirements with the Financial Crimes Enforcement Network (FinCEN), as prescribed by the Corporate Transparency Act (CTA).
The CTA was inconspicuously passed within the Anti-Money Laundering Act of 2020 to “better enable critical national security, intelligence, and law enforcement efforts to counter money laundering, the financing of terrorism, and other illicit activity.”
To avoid penalties, it’s crucial to understand the BOIR filing deadlines based on your company’s registration date outlined in Corporate Transparency Act.
