The current requirement to report your company’s beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) is currently voluntary while the courts debate it. If and when the injunction is lifted, you will be required to report your company’s beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This requirement came out of the Corporate Transparency Act passed in 2021 in 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.
You will need to have a few items prior to beginning the online filing:
- Reporting Company Legal Name
- Reporting Company Tax Identification Number (EIN)
- State Issued Driver’s License or Passport – You will need to upload the document image – FOR EACH BENEFICIAL OWNER
The actual reporting is fairly easy but if you have any questions or issues, please reach out for my “How To File Guide” as well as other information on this reporting requirement.
