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.

On March 2, 2025, the Treasury Department announced it will not enforce any penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines, and further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the rule changes take effect. Treasury will further issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.

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.