The Corporate Transparency Act (CTA) now requires domestic and foreign reporting companies to provide information about their beneficial owners and company applicants to FinCEN.

The BOI Report is a onetime filing obligation; however, the reporting company may need to file an updated BOI Report in future years if any changes are made to the information originally submitted on the report. Updates would include changes to the beneficial ownership structure (changes in who holds the equity), changes in address for either the company or beneficial owners, expired identification documents for the beneficial owners, changes in the company management (e.g., CEO retires and new CEO is appointed), etc.

For rules on filing updated reports:    • BOI Report Updates for FinCEN  What ...  

In this example, we have a Floridabased S corporation with two owners, each owning 50% of the company. The S corporation was formed in 2022, so the BOI Report needs to be filed anytime before January 1, 2025. The company must disclose the two shareholders as beneficial owners, and it must disclose the identity of the company's CFO/CAO even though he is not an equity owner.

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