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Port Richmond Savings - Your Community Bank in Philadelphia
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Our offices will be closing at 3:00pm on Friday, April 18 for Good Friday. Thank you!

 


On a dark blue dotted pattern background, a white notification-style box displays “TIME SENSITIVE” in gray capital letters with a small illustration of three colored lines resembling a checklist. Next to it, the word “now” appears in light gray. Below, black text reads “Reminders” and “File Beneficial Ownership Information Report.” The BOI logo, where the “O” is stylized as a white globe icon, is positioned in the top left corner above the notification-style box. Below the notification box is a globe icon and the URL: www.fincen.gov/boi.

Small Businesses

New Beneficial Ownership Reporting Requirements

UPDATE: As of March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a statement that U.S. Companies and U.S. persons are no longer required to report beneficial ownership information to them. See www.fincen.gov/boi for more information.

As of January 1, 2024, the bipartisan Corporate Transparency Act requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. The law was passed to curb illicit finance and protect U.S. national security. Filing is simple, secure, and free of charge. Learn more about beneficial ownership reporting at www.fincen.gov/boi.

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 13, 2025.

Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.

File your business at www.fincen.gov/boi.