(Photo courtesy of COCC)
Corporate Transparency Act, Effective January 1, 2024
What is the Corporate Transparency Act and how does it affect my business?
You may have received emails about the Corporate Transparency Act (also often called BOI or FINCEN). The Act is legitimate and stems from a 2021 law that became effective on January 1, 2024. The law was enacted to reduce the number of “shell” corporations and non-registered businesses in the US.
The law created a new reporting requirement for U.S. corporations, limited liability companies, and other similar entities formed or registered to do business in the United States.
Here’s what you need to know:
Is your business affected? It is estimated that 97% of all businesses in the U.S. will need to file a report initially, and then update their listing if ownership or influencers in the business change in the future. To find out specifically if your business is included, visit fincen.gov/contact or leave a voice message at the regulatory helpline (1-800-767-2825 toll-free or 703-905-3591).
What information are they seeking in this report? The system requests the same information needed to register a business with the State of Oregon, plus scans of the business owners’ identification.
How do I file? Reports must be filed electronically at fincen.gov/boi.
What is the deadline? Businesses formed before January 1, 2024, have up to one year to complete the filing. Businesses formed in 2024 have 90 days to complete the filing.
To learn more, visit fincen.gov/boi.
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