FinCEN Seeks Comments on the Information to be Collected from Authorized Recipients Requesting Beneficial Ownership Information

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Date: 1/29/2024 FinCEN Seeks Comments on the Information to be Collected from Authorized Recipients Requesting Beneficial Ownership Information The Financial Crimes Enforcement Network (FinCEN) is seeking comments on the information to be collected from certain authorized recipients requesting access to beneficial ownership information, consistent with the requirements of the final Access and Safeguards rule. The…

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Dissolving Entities to Avoid BOI Reporting

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Are you in the process of closing or dissolving your reporting entity? While reasons for closure/dissolution vary dramatically from economic reasons to early retirement, every business owner shares one thing in common: nobody wants to contend with penalties while during the process of, or at the conclusion of, a dissolution. A dissolved or dissolving entity…

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Lawyers, You Might Be A Company Applicant!

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In addition to reporting the identities of a company’s owners, companies created or registered after January 1, 2024, are required to report the identities of their applicants. Applicants are broadly defined as the individual or individuals who caused the company’s creation documents to be filed with the secretary of state or similar office. Companies created…

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FinCEN Announces Updates to Its FAQ

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Date: 1/1/2024 FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information Frequently Asked Questions to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers. FinCEN is now accepting…

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BOI Reporting for Foreign Entities

boi for foreign entities

FinCEN’s new reporting requirements can be difficult for American born and based business owners to navigate, so if you are a non-American business owner the situation could be even more confusing!  This article will present some background information to help unpack the requirements for foreign entities as it relates to FinCEN’s Beneficial Ownership Information reporting…

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FinCEN Announces Registry is Now Open for Business!

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Date: 1/1/2024 U.S. Beneficial Ownership Information Registry Now Accepting Reports Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals…

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Indirect vs. Direct Ownership Interest

Indirect vs. Direct Ownership Interest

A “reporting company” is what FinCEN calls a company that is required to report its Beneficial Ownership Information (or BOI).  But, who is a Beneficial Owner?  There are two broad categories of Beneficial Owners:  Those who exert “Substantial Control” over a reporting company, and those who own or control 25% or more of the “Ownership…

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What is Ownership Interest in a Reporting Company

Ownership interest is a catch-all term used by FinCEN to measure the amount of ownership or control in a “reporting company”.  A reporting company is the term used by FinCEN to refer to a company that is required to report its Beneficial Ownership Information (or BOI). Ownership interest has different forms, it can represent current…

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