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Beneficial Ownership Information (BOI) Reporting Deadline Approaching

November 15, 2024
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Photo of Healthcare Niche Leader Nicole McOmber, CPA

Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments.

As a reminder, the clock is ticking for U.S. companies to file the new Beneficial Ownership Information (BOI) Report with the federal government.

This new reporting requirement for businesses took effect on January 1, 2024 as part of the Corporate Transparency Act, and requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN).

Businesses that are subject to the reporting requirement must take action, if you haven’t already, by December 31, 2024 (or earlier for new businesses created or registered on or after January 1, 2024) and report with FinCEN accordingly.

Also, FinCEN has posted alerts noting extensions for companies impacted by certain hurricanes. See the FinCEN website for more details.

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