BOI reporting is part of the Corporate Transparency Act that Congress passed in 2021 to crack down on money laundering, financing of terrorism, tax fraud and other illegal acts. The BOI report will contain personal identifying information about a company’s beneficial owners that will be filed with FinCEN – the U.S. Department of Treasury’s Financial Crimes Enforcement Network.

As of December 27, there has been an update regarding federal court proceedings. Currently, reporting companies aren’t required to file beneficial ownership information with FinCEN and won’t face penalties during this period. However, if you wish, you can still voluntarily submit your beneficial ownership information reports.

Legacy Bank offers two convenient options to help you navigate Beneficial Ownership Information (BOI) reporting. Through our partnership with Wolters Kluwer, you can file through the BizFilings Beneficial Ownership reporting solution, or opt to file directly with FinCEN. Both options are designed to help your business securely and accurately submit Beneficial Ownership Information reports to FinCEN.