The Corporate Transparency Act requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Beneficial ownership information is information about the entity, its beneficial owners, and in certain cases its company applicants. Beneficial ownership information is reported to FinCEN through Beneficial Ownership Information Reports (BOIRs).
WHO:
An entity is required to report beneficial ownership information if it is a “reporting company” and does not qualify for an exemption. Chapter 1 of FinCEN’s Small Entity Compliance Guide may assist in determining whether an entity qualifies for an exemption.
WHAT:
Beneficial ownership information is information about an entity, its beneficial owners, and, in certain cases, its company applicants. The person submitting beneficial ownership information to FinCEN must certify that the information is true, correct, and complete.