We wanted to inform you about the new regulations under the Corporate Transparency Act (CTA), which require many companies, including those registered in Washington State, to file Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN).
Please note that this filing needs to be completed directly by your company, as it involves registering your entity’s owners.
What You Need to Do
Identify Beneficial Owners:
Beneficial owners own or control 25% or more of your company or have significant influence over its operations.
You will need to gather information such as full name, date of birth, residential or business address, and a unique identifying number (e.g., from a driver’s license or passport).
Gather Company Information:
Ensure you have your company’s name, principal business address, and a unique identifying number like the Employer Identification Number (EIN).
Submit the BOI Report:
BOI reports should be filed electronically with FinCEN. Detailed instructions on how to do this can be found in the video linked below.
For companies formed after January 1, 2024, the report should be filed within 30 days of formation. Existing companies have until January 1, 2025, to submit their reports.
Update Information:
If there are any changes in beneficial ownership or the information provided, the report should be updated within 30 days of the change.
Where to Find More Information
For more details on how to complete the BOI reporting process, please refer to the following resources:
YouTube Video Guide: This video provides a clear walkthrough of the filing process and answers many common questions.
FinCEN BOI Information: Visit FinCEN’s official page for comprehensive details on BOI reporting requirements and additional resources.