Beneficial Ownership Information Reporting & What You Need to Know
A new federal law in effect as of Jan. 1, 2024, has a significant impact on those who form, or have an interest in, a state-registered legal entity. The Beneficial Ownership Information (BOI) reporting by the Corporate Transparency Act of 2021 requires providing information and copies of government-issued identification documents to FinCEN under pain of civil or criminal penalty. The purpose of the BOI rule is to provide FinCEN with the information needed to combat the illicit use of our financial system.
BOI Reporting - It's Here!
The BOI E-Filing System is now live. FinCEN has begun accepting BOIRs electronically through its secure filing system.
Steps to Get Ready
- Watch the Disclosing Beneficial Ownership: The Corporate Transparency Act webinar.
- FinCEN's BOI Resources: https://www.fincen.gov/boi
- FinCEN's BOI Frequently Asked Questions: https://www.fincen.gov/boi-faqs
- FinCEN's BOI Small Entity Compliance Guide: The essential guide for Members to understand beneficial ownership reporting. Download
- FinCEN Identifier Application Filing Instructions: Download
- To request a FinCEN identifier, first obtain a login.gov account and sign in through: https://login.gov/create-an-account
- Take a look at the Fund Concept article: Tsunami Alert! BOI Reporting Begins January 1, 2024.
Helpful Links
FAQs
Fund Alerts
Fund Alert - Real Estate GTO Oct 2024
Fund Alert - FinCEN E-Filers Beware
General Counsel Blog
Additional Resources
FinCEN - Beneficial Ownership Information Reporting
FinCEN - Small Entity Compliance Guide
Tsunami Alert! BOI Reporting Begins January 1, 2024
- Fund Concept, 6/1/2023
New FinCEN GTO - Now Applies
to 11 Counties!
- Fund Concept, 12/1/2023
ALTA - FinCEN GTO Information Collection Form
ALTA Fact Sheet - Money Laundering & Real Estate
U.S. Dept. of the Treasury – Fact Sheet
- 12/11/2023
ALTA - FinCEN Issues Final Rule Regarding Access to Beneficial Ownership Information
- 12/21/2023
Questions
Send us your questions and we will get back to you as soon as we can. Help us learn about the issues you are encountering in your practices, which in turn guides how we can best support you.
Email: FinCENinfo@TheFund.com
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