THE CORPORATE TRANSPARENCY ACT (CTA) - BENEFICIAL OWNERSHIP INFORMATION REPORT (BOIR)
THE CORPORATE TRANSPARENCY ACT (CTA) - BENEFICIAL OWNERSHIP INFORMATION REPORT (BOIR)
A. Summary
Effective 1/1/2024 the Corporate Transparency Act (CTA) requires most companies to file a Beneficial Ownership Information Report (BOIR) with the U.S. Financial Crimes Enforcement Network (FinCEN). Companies are required to file a BOIR Report if they meet FinCEN’s definition of a “reporting company” and do not qualify for an exemption.
B. To determine your filing requirements please see below steps and questionnaires
STEP I Determine if your small business is a domestic or foreign reporting company and may have to file a BOIR report.
IS MY DOMESTIC OR FOREIGN BUSINESS A REPORTING COMPANY? FLOWCHART
STEP I DOES MY BUSINESS HAVE A FILING REQUIREMENT?
STEP II Determine which report you need to file.
DEFINITIONS TO DECIDE WHAT TYPE OF BOIR TO FILE
STEP II DETERMINE WHAT TYPE OF BOIR TO FILE
STEP III Decide what information to report.
DEFINITIONS TO DECIDE WHAT INFORMATION TO REPORT
STEP III INFORMATION TO REPORT
STEP IV Decide when you need to file.
STEP IV DETERMINE WHEN TO FILE BOIR
C. Questionnaires to request IB.CPA PLLC. to file any BOIR behalf of your reporting company
STEP V Questionnaire to file
1. an INITIAL BOIR:
BENEFICIAL OWNERSHIP INFORMATION REPORT (BOIR) - INITIAL
2. an UPDATED BOIR:
BENEFICIAL OWNERSHIP INFORMATION REPORT (BOIR) - UPDATED
3. a CORRECTEDBOIR:
BENEFICIAL OWNERSHIP INFORMATION REPORT (BOIR) - CORRECTED
4. a NEWLY EXEMPT ENTITY BOIR:
BENEFICIAL OWNERSHIP INFORMATION REPORT (BOIR) - NEWLY EXEMPT ENTITY BOIR
D. Educational material
BOI Reporting Filing Dates - Full detail (fincen.gov)
BOI Reporting Key Questions (fincen.gov)
BOI Small Compliance Guide v1.1 (fincen.gov)
Beneficial Ownership Information Reporting | FinCEN.gov
Beneficial Ownership Information Reporting Rule Fact Sheet | FinCEN.gov
