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FinCEN BOI Corporate Transparency Act
Many entities created in, or registered to do business in, the United States will be required to report to the Financial Crimes Enforcement Network (FinCEN) information about their beneficial owners - the individuals who ultimately own or control a company.
tip
Use FinCEN's Small Entity Compliance Guide and these FAQs to assist in learning about and complying with the beneficial ownership information (BOI) reporting rule.
Filing Beneficial Ownership Information (BOI)
As of January 1, 2024, FinCEN accepts U.S. BOI through their secure website. At this time, there's no 3rd party integration, but if offered in the future, Thomson Reuters will add the API functionality.
There's 2 methods for filing the Beneficial Ownership Information Report (BOIR):
note
Refer to these FinCEN help resources for quick reference guides and step-by-step instructions on the 2 filing methods.
- File PDF BOIR.
- File online BOIR
Filing deadlines
Companies required to comply must file by:
- Reporting companies created or registered to do business in the United Statesbefore January 1, 2024must file by January 1, 2025.
- Reporting companies created or registered to do business in the United Statesin 2024have 90 calendar days to file after receiving actual or public notice that their company's creation or registration is effective.
Other rulings
- On November 7, 2023, FinCEN issued a final rule specifying the circumstances in which a company may report an entity's FinCEN identifier in lieu of information about an individual beneficial owner. A FinCEN identifier is a unique number that FinCEN issues upon request after receiving required information. While there's no requirement to obtain a FinCEN identifier, doing so can simplify the reporting process and lets entities or individuals to provide the required identifying information directly to FinCEN. The final rule will be effective January 1, 2024 to align with the effective date of the BOI Reporting Rule.
- On November 30, 2023, FinCEN issued a deadline extension amending the BOI Reporting Rule for entities created or registered on or after January 1, 2024 and before January 1, 2025 to give those entities additional time to understand the new reporting obligation. This amendment extends the filing deadline from 30 calendar days to 90. Entities created or registered on or after January 1, 2025 will continue to have 30 calendar days to file their BOI reports.