01/06/2024
As a tax professional, I may be required to report beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
What is beneficial ownership information?
Beneficial ownership information refers to identifying information about
the individuals who directly or indirectly own or control a company.
Why do companies have to report beneficial ownership information to the U.S Department of the Treasury?
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
When do I need to report my company’s beneficial ownership information to FinCEN?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report. A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier. Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.
Contact us, We can assist you with:
1.) Obtaining your "FinCen ID"
2.) Filing your BOI report
Derdrick D. WilliamsCEO | Dyrecrot Pfessional Services LLC / Phone: (586) 343 - 5059 | Email: [email protected]/ Web: https://www.dyrectprofessionalservicesllc.com | | Address: 801 W. Big Beaver Rd. Ste 300, Troy, MI 48084