PIOGA Alert: FINCEN ANNOUNCES NEW REPORTING DEADLINE

(Update from February PIOGA Press Article written by Todd Pappasergi – PIOGA)

Last week, the Financial Crimes Enforcement Network (FinCEN) division of the U.S. Treasury Department announced that mandatory compliance and enforcement of the Corporate Transparency Act’s Beneficial Ownership reporting requirements will resume immediately.

With this announcement, reporting entities that are required to file a report under the CTA must do so by March 21, 2025.  Reporting companies are any business entity operating within the United States, and their beneficial owners are those individuals within the reporting companies that have at least a 25% interest and/or exercises substantial control over a reporting company.

The CTA requires non-exempt business entities to provide the name, address, date of birth, and government identification information (i.e., driver’s license or passport) to FinCEN.  The form is extremely straightforward and may be filled out on FinCEN’s website at https://boiefiling.fincen.gov.  There is no fee to file the form, either.  Generally, the information provided in the form will remain confidential within the Department of the Treasury.

If PIOGA members have questions regarding the CTA and its reporting requirements, feel free to contact PIOGA’s general counsel, Todd Pappasergi, for assistance.  todd@pioga.org or (724) 933-7306 ext. 28.

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