In a previous article, we discussed the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information Reporting Rule (the “Reporting Rule”), which became effective on January 1, 2024. The Reporting Rule requires a reporting company to identify itself and report certain information to FinCEN about each of its beneficial owners and applies to most small business owners.
Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies. Businesses are encouraged to continue monitoring the FinCEN website for more information at https://boiefiling.fincen.gov.