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What You Need to Know: Beneficial Ownership Information |
New beneficial ownership rules mandated by the Corporate Transparency Act (CTA) took effect on Jan. 1, 2024.These rules require certain business owners to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. This federal law was designed to protect the U.S. financial system from threats, including money laundering, tax fraud, and other illegal financial activities. Who is Impacted?
Who is Exempt?
What Do You Need to Report?
When Do You Need to Report?Existing reporting companies formed before Jan. 1, 2024, are required to report within one year from the effective date on Jan. 1, 2025. If your company was created after Jan. 1, 2024, you have 90 days from your business's formation date. If there is a change to any of the BOIs that you have reported, you have 30 days to submit an update. How Do You Submit Your Report?BOI can be reported through the FinCEN's website at www.fincen.gov/boi. Helpful Links
Consult your local Commercial Lender with any questions.
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