Beneficial Ownership – What You Need To Know

plan and predict header

Effective January 1, 2024, many companies doing business in the United States will have to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN), an agency under the U.S. Treasury Department. The BOI report is designed to collect information about the individuals who own or control companies operating in the U.S.

Beneficial Ownership Information Reporting

A Quick Guide to Understanding the New Compliance Requirement Under the Corporate Transparency Act

A FinCEN identifier is a unique number assigned upon request to a reporting company or individual. To obtain a FinCEN identifier, the applicant must provide all required information. FinCEN identifiers are optional; no one is required to obtain one. After receiving a FinCEN ID number, that identifier may be used instead of entering certain information about beneficial owners and company applicants into the BOI report.

Need Help?

Consider consulting an attorney, accountant, or financial/business advisor to determine if your company must file a BOI report and identify your beneficial owners and company applicants. Visit for the latest information about beneficial ownership information reporting requirements.

HireEffect’s filing specialists are ready to help you prepare and submit your company’s beneficial ownership information report.