The Corporate Transparency Act’s new reporting requirement is now in effect as of January 1, 2024.
It requires millions of businesses with qualifying entities to file a Beneficial Ownership Information (BOI) report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). These reporting requirements aim to bolster the integrity of the U.S. financial system, creating greater obstacles for illicit individuals to utilize shell companies for money laundering or hiding asset.
