As previously mentioned, the Beneficial Ownership (BOI) Reporting Rule becomes effective January 1, 2024. The Corporate Transparency Act of 2020 requires legal entities to report their BOI to FinCEN. The deadline has been extended for some legal entities to report their information to 90 days instead of 30:
- Legal entities created or registering to do business between January 1, 2024 and December 31, 2024 will now have 90 days to report their BOI to FinCEN.
- Legal entities created or registered to do business before January 1, 2024 will have until January 1, 2025 to report their BOI to FinCEN.
- Legal entities created or registered to do business on or after January 1, 2025 will have 30 days to report their BOI to FinCEN’s database.
Credit unions are not reporting companies and are not required to report BOI, Businesses that are members of credit unions are covered by the reporting rule.
Detailed information will be provided on how credit unions and other parties can access BOI information from the FinCEN’s database as soon as the BOI Access Rule is finalized.
For further information about items in this L & T Bulletin, please contact ICUL’s Compliance & Advocacy Office: