Millions of U.S. Businesses Face Looming Beneficial Ownership Reporting Deadline

With less than two months remaining, many companies have yet to comply with the Corporate Transparency Act requirements.

Only about 20% of the estimated 32 million businesses required to report have filed their Beneficial Ownership Information (BOI) with FinCEN.
The Corporate Transparency Act mandates businesses to disclose owners with significant control to prevent financial crimes like money laundering.
Failure to file BOI reports by January 1, 2025, could result in substantial fines and potential jail time for business owners.
Exemptions to the reporting requirement exist for certain large entities, such as publicly traded companies and nonprofits.
Many small businesses are struggling with the administrative burden and awareness of the new filing requirements.