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Special Announcement:

As of January 1, 2024, business owners of certain types of companies will need to report beneficial ownership information to FinCEN (the Financial Crimes Enforcement Network).

The Beneficial Ownership Information (BOI) Reporting Rule was established under the Corporate Transparency Act (CTA) and is aimed at enhancing transparency and preventing financial crimes.

A beneficial owner is an indiviudal who directly or indirectly either:

  • Has substantial control over the company, or
  • Owns or controls at least 25% of the ownership interests of the company. 

Reporting Requirements

Companies that are required to report their beneficial ownership information are called ‘reporting companies’. Visit FinCEN’s website to determine if you are a reporting company or may qualify for an exemption.

How to File

The vast majority of companies must file their BOI report online. If a reporting company is unable to electronically file their BOI report, they should contact FinCEN to make other arrangements.

What to Include

The company must report its full legal name and any trade names, US address, jurisdiction of formation, and IRS Taxpayer Identification Number. It must also report each beneficial owner and company applicant’s full legal name, date of birth, current address, unique identifying number along with issuing jurisdiction, and image of a non-expired government ID.

Reporting companies must also file an updated BOI report within 30 days of any changes to the above information. For example, if an individual listed in the ownership report moves, the new address must be updated with FinCEN within 30 days.

Learn more about the Beneficial Ownership Information requirements and FAQs on FinCEN’s  Beneficial Ownership Information webpage.

Next Steps

Once filed, maintain a copy of the report with your business documentation. 

Reporting Deadlines

The deadlines for reporting beneficial ownership are:

  • Any reporting company created or registered to do business prior to January 1, 2024 will have until January 1, 2025 to file its initial report.
  • Any company created or registered on or after January 1, 2024 will have 90 days from their formation date.
  • For reporting companies created in 2025 and beyond, the initial BOI report must be filed within 30 calendar days of the date it receives notice that its creation is effective.

Failure to provide complete and accurate information can result in criminal or civil penalties.

Business owners should be proactive in understanding and complying with the BOI Reporting Rule. To learn more about how this rule affects your business and to ensure your compliance, don’t hesitate to reach out to Brandi Pitre, ACU of Texas Business Banking Specialist.

Contact Brandi Pitre at bpitre@acutx.org or (281) 476-3543 for more information.

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