The Corporate Transparency Act of 2021 has ushered in new obligations for U.S. businesses, mandating the reporting of Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Companies are required to furnish details about individuals who directly or indirectly own or control them. While existing businesses have until 2025 to file BOI reports, those established or registered after January 1, 2024, must file within 90 days. The countdown commences upon the company’s receipt of actual notice of its effective creation or registration or when the state publicly announces its creation or registration, whichever comes first.
Amidst the impending requirements, FinCEN is alerting businesses to scams targeting those obligated to submit BOI reports. These scams typically involve deceptive letters or emails urging recipients to respond by scanning a QR code or clicking on a web link. FinCEN emphasizes the importance of not engaging with such messages. Furthermore, it clarifies that BOI ownership reports cannot be accepted before January 1, 2024. Stay informed and vigilant as we approach the enactment of these reporting measures.