Enormous Chaos and Confusion’: Do You Need to File a BOI Report? After Another New Ruling, Here’s What Business Owners Need to Know.
The Corporate Transparency Act (CTA), enacted in 2021, mandates that many U.S. businesses submit Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This initiative aims to combat illicit activities such as money laundering and fraud by increasing transparency in business ownership. BOI Reporting Requirements: Who Must Report: Generally, corporations, limited liability companies […]