On January 1, 2024, new direct reporting requirements to the federal government (i.e., to FinCEN) will become effective for corporations, limited liability companies and similar legal entities. For covered legal entities formed on and after January 1, 2024, an initial report must be filed within 30 days after corporate formation or registration (FinCEN has proposed extending this initial filing deadline to 90 days, which is likely). For legal entities formed or registered prior to January 1, 2024, those legal entities must file an initial report by January 1, 2025. After making an initial report, all covered entities will be required to file amended reports within 30 days after becoming aware that a previous filing was inaccurate or the factual information must be updated.
Persons and businesses covered under these new BOI compliance obligations will be confronted with potentially difficult initial reporting and subsequent reporting requirements. Because “beneficial ownership information” or “BOI” will be reported directly to the federal government, civil and criminal penalties may apply for non-compliance.
This webinar will provide a summary of FinCEN’s new BOI requirements. Current guidance from FinCEN regarding compliance will be discussed, as well as available exemptions and difficult regulatory issues that have been identified.
View the materials from the webinar.
**NOTE: Watching this recording does not allow the user to obtain CLE, CPD, CPE or HR credits.