If you own or manage a business, it's time to mark your calendars for an important compliance deadline: the submission of your Beneficial Ownership Information (BOI) report to FinCEN (Financial Crimes Enforcement Network), a division of the U.S. Department of Treasury.
The reporting requirements, mandated by the Corporate Transparency Act (CTA), aim to prevent financial crimes like money laundering, tax evasion, and fraud. The CTA seeks to improve transparency about who owns and operates entities based in the United States.