The CTA, passed by Congress on January 1, 2021, introduces significant reforms to combat money laundering, terrorist financing, corruption, and tax fraud.

Most active Corporations and LLCs must file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).

You need to report any owner of the company who has a 25% or greater share of interest. This makes them a “Beneficial Owner.”

You’ll need to provide the following:

• Company Information: Name, DBA (if applicable), EIN, and the principal business address (no PO Boxes).
• Owner Details: Names, DOBs, SSNs, addresses, and a copy of a Driver’s License or Passport.
• Ownership Percentage: For each beneficial owner.

The information is filed directly with FinCEN.

• You can file it yourself or have a third party (like us) handle it for you.
• Cost to file with us: $150.

• Existing Companies: File by 1/1/2025.
• New Companies (2024 and beyond): Must file within 90 days.
• Not Annual: Only required if there are changes to the beneficial owners.

The following are exempt from filing:

• DBAs and Sole Proprietorships
• Trusts and Estates (even with an EIN)
• Banks, Nonprofits, and Publicly Traded Companies
• Financial Services Companies like insurance or accounting firms

For a full list of exemptions, click here.

How Do You File with Us?

• Prefer to file on your own? Use this helpful FinCEN link.
• Want us to handle it? Access our online form to get started for just $150.