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Posted on Wednesday, October 9, 2024 in Articles

Many Iowa Businesses are Required to File a

Beneficial Ownership Information Report 

The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) is accepting Beneficial Ownership Information (BOI) reports from businesses online as the deadline for filing is approaching.

The Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who own or control them. Secretary of the Treasury Janet L. Yellen said, “Corporate anonymity enables money laundering, drug trafficking, terrorism and corruption. It harms American citizens and puts law-abiding business at a disadvantage. Having a centralized database of beneficial ownership information will eliminate critical vulnerabilities in our financial system and allow us to tackle the scourge of illicit finance enabled by opaque corporate structures.”

Filing is simple, secure, and free of charge. Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines.

  • Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024, must file by January 1, 2025.
  • Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.

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