Corporate Transparancy Act

Beneficial Ownership Information:
Registration Due January 1, 2025

In 2021, the Corporate Transparancy Act (also known now as Beneficial Ownership Information or BOI) was signed into federal law after being included in the National Defense Authorization Act, receiving bipartisan support at the time. The intent behind the Congressional legislation was to help root out tax fraud, money laundering, and other financial crimes by capturing the ownership information of US businesses. Applicable businesses are required to file reporting information to the US Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. 

While the courts continue to handle legal challenges related to information privacy, some lawmakers have moved forward with legislation to reverse the implementation of BOI, such as Rep. Warren Davidson’s (R-OH-8) Repealing Big Brother Overreach Act (H.R. 8147). Despite some bipartisan support, hopes for a legislative fix remain quite unlikely in this Congress.