Many companies created or registered to do business before Jan. 1, 2024, must e-file their initial beneficial ownership information (BOI) reports by Jan. 1, 2025. This generally means reporting the names and other information about those who own or control the company. Exceptions and special rules apply. The report is filed with the U.S. Treasury Department’s Financial Crimes Enforcement Network. The primary goal is to combat money laundering, fraud, and other illicit activities by increasing transparency in business ownership. The requirement comes from the Corporate Transparency Act, enacted in 2021. Contact us with questions or for assistance.
