What is a Beneficial Ownership Information Report (BOIR)
As of January 1st, 2024, owners of U.S. businesses are required to comply with new rules set out by “The Corporate Transparency Act (CTA)”. The CTA is a federal law that requires business entities to report details about their ownership to the Financial Crimes Enforcement Network (FinCEN).
Am I exempt from filing?
Certain entities are exempt from filing the BOIR. These include:
- Publicly traded companies
- Non-profit organizations
- Entities that employ more than 20 people and have reported more than $5 million in gross receipts and sales to the IRS