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    Beneficial Owner Reporting Site Launched

    The Financial Crimes Enforcement Network (FinCEN) has launched the site to be used to file reports of beneficial owners required by the Corporate Transparency Act.

    The website link is: https://boiefiling.fincen.gov/boir/html.

    The site currently requires an image of an identifying document to be uploaded as part of the registration. If a beneficial owner does not have such a document, there is currently no way to complete the registration for the entity.

    As discussed in our earlier posts, including December 5, 2023 and November 14, 2023, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. This reporting must be done during 2024.

    The due date for reports for entities that existed prior to January 1, 2024 is January 1, 2025, while the due date for entities created on or after January 1, 2024, and before January 1, 2025, filings under the new requirement are due within 90 days of the creation of such an entity.

    The Tax Year 2023 M+O=CPE Individual Tax Year-End Workshop Reference Book has a detailed discussion of the registration requirement on pages 60 to 67.

    If you have not already enrolled or taken our seminar, it is time to enroll for our upcoming seminars in January, so you’ll be fully prepared!  Register here.

    The information provided herein is provided with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional service. As such, M + O = CPE, Inc. and the author disclaim any responsibility or liability for the information supplied herein or the application of said information.