Beneficial Ownership Information Reporting

In 2021, Congress enacted the bipartisan Corporate Transparency Act (CTA) to curb illicit finance. This law requires many companies doing business in the U.S. to report information about who ultimately owns or controls the business.

Effective January 1, 2024, many companies in the U.S. must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Filing is simple, secure, and free of charge. Beneficial ownership information reporting (BOIR) is not an annual requirement. Unless a company needs to correct or update information, a report only needs to be submitted once. Be wary of official-looking mail from a third-party company offering to complete the BOIR on behalf of your company for a fee.

Download this helpful guide or visit fincen.gov/boi to learn more.