Frequently Asked Questions
BOI reporting can be complex and confusing—that’s why we’re here to simplify the process. Find answers to common questions and learn how CTA Compliance Now can make compliance easy for your business.
What is Beneficial Ownership Information (BOI)?
Beneficial Ownership Information (BOI) includes identifying details about individuals who directly or indirectly own or control a company. This ensures transparency in ownership structures.
Why do companies need to report BOI to the U.S. Department of the Treasury?
The Corporate Transparency Act (CTA), passed in 2021, requires businesses to disclose BOI as part of the U.S. government’s commitment to preventing bad actors from using shell companies or opaque ownership structures to hide illicit activities.
When is the deadline for reporting my company’s BOI to FinCEN?
If your company was created or registered before January 1, 2024, the deadline to file your initial BOI report is January 1, 2025. For companies formed on or after January 1, 2024, BOI must be reported at the time of registration.
Can CTA Compliance Now help me file my BOI forms?
Absolutely! CTA Compliance Now specializes in guiding businesses through the BOI reporting process, ensuring compliance with FinCEN requirements every step of the way.