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Federal Regulation May Require Action by Business Owners
As of January 1, 2024, many companies are required to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This is referred to as the BOI reporting rule as part of the implementation of the Corporate Transparency Act (CTA).
Beneficial Ownership Information refers to identifying information about the individuals who directly or indirectly own or control a company.
Reporting companies include most corporations, Limited Liability Companies (LLCs) or others created by the filing of documents with Wisconsin. This information must be reported directly to FinCEN through its online reporting portal.
Please note, this is a federal regulation and not one independently imposed by Community State Bank. Our goal as your financial partner is to make you aware of the regulation and direct you to the FinCEN website for additional information.
You can find additional information here:
Beneficial Ownership Reporting Outreach and Education Toolkit | FinCEN.gov
Important Filing Deadlines
- Reporting companies created or registered before January 1, 2024 have until January 1, 2025 to file.
- Reporting companies created or registered in 2024 must file within 90 calendar days after receiving actual or public notice that their creation or registration is effective, whichever is earlier.
- Reporting companies created or registered on or after January 1, 2025 must file within 30 calendar days after receiving actual or public notice that their creation or registration is effective.
- Any updates or corrections to beneficial ownership information previously filed with FinCEN must be submitted within 30 days.
Below is an introduction to Beneficial Ownership Information reporting. The Financial Crimes Enforcement Network published a toolkit for small-business owners with beneficial ownership reporting requirements. If you have further questions, please contact your CSB Business Banker.