The world of business compliance is evolving, and a significant change is on the horizon with the introduction of BOI (Beneficial Owner Information) reporting, starting January 1, 2024. This new filing, mandated by FinCEN (Financial Crimes Enforcement Network), is essential for a majority of businesses. Its purpose? To combat the misuse of shell companies for illicit activities like money laundering.
The BOI filing will require detailed information about your business and its owners or associated entities, including names, addresses, social security numbers, and valid identification. Notably, there's an update for 2024: new businesses now have a 90-day window for their initial filing, an extension from the previous 30-day deadline. Existing businesses must comply with their first filing by January 1, 2025.