Important Update for Business Owners
Important Update for Business Owners (Corporations, LLCs, and similar entities) The Financial Crimes Enforcement network (FinCEN) enacted a new federal filing requirement that requires certain businesses to report information about their beneficial owners. A beneficial owner is someone who: Directly or indirectly owns 25% or more of a company, or Exerts substantial control over the business, such as senior officers or individuals who make key management decisions. Your business may now be required to file this form with FinCEN called the Beneficial Ownership Information Report (BOIR) by 1/1/2025. This is NOT a tax form with the IRS