Starting January 1, 2024, some small businesses in the United States will be required to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). This new reporting requirement is part of the Corporate Transparency Act (CTA), a law designed to help prevent and combat money laundering, tax fraud and other financial crimes.
Keep reading to get your key questions answered to help you navigate BOI reporting.