Attention business owners: Please read the information below for updated FinCEN requirements due to the Corporate Transparency Act regarding Beneficial Ownership Information (BOI).
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners. i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
Your company may be a reporting company and need to report information about its beneficial owners if your company is:
- A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under law of a state or Indian tribe.
- A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
Reporting companies will have to report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi
You can read more about the new federal reporting requirement here: BOI Information Brochure (fincen.gov)https://www.fincen.gov/sites/default/files/shared/BOI%20Informational%20Brochure%20508C.pdf
Please note that United Southern Bank is not responsible. We are simply making business customers aware of the new policy. Please contact your attorney or tax accountant if you have questions to concerns.
Building relationships, one customer at a time.
We get it. Everyone is unique and so are your financial needs. We’re here to help.
