A Reminder About BOI Reporting

We are hearing a great deal from our clients as they process the uncertainties related to federal appointments in the health sector. The new year will be an interesting one. Below is a reminder on an immediate concern for some of you:

The Beneficial Ownership Information (BOI) required to be reported under the Financial Crimes Enforcement Network (FinCEN) is still a requirement according to the U.S. Treasure’s Fact Sheet on the subject:

· Reporting companies created or registered before January 1, 2024, will have one year (until January 1, 2025) to file their initial reports, while reporting companies created or registered after January 1, 2024, will have 30 days after receiving notice of their creation or registration to file their initial reports.

· Reporting companies have 30 days to report changes to the information in their previously filed reports and must correct inaccurate information in previously filed reports within 30 days of when the reporting company becomes aware or has reason to know of the inaccuracy of information in earlier reports.