FINCEN Corporate Transparency Act

Attention business owners:  If you're the owner of a business, you will need to file the new Beneficiary Ownership Information form (BOI).  There are exceptions, but you probably won't qualify for any of them.  The purpose of the BOI is to help the federal government combat money laundering and other illegal activities.  You can find the form online at www.fincen.gov/boi and it's relatively easy to complete.  It took me about 10 minutes the first time I used it for myself.  The only tricky part is needing to upload a photo image of your driver license or passport.  I already had a saved image of my passport on my computer, so I had no trouble with that step.  There is no fee and there is no annual filing requirement.  But you will need to resubmit the BOI form if you move or there is a change in business ownership.

Note: A "beneficial owner" is an individual that directly or indirectly exercises substantial control over the reporting company or an individual who owns or controls 25% or more of the reporting company's ownership interests.  A beneficial owner does not include an employee who only acts as an employee. 

Link to BOI e-Filing System