Stay Updated on FinCEN's Latest Beneficial Ownership Rules!
FinCEN just released updates to their FAQ regarding Beneficial Ownership Information (BOI), and these changes could impact your business. Watch the video below to hear Philip Stewart, Senior Associate with the Transactional/Corporate Group of Blue Sky Law, share the newest insights.
In summary, if your company was officially closed before January 1, 2024, you're in the clear—but what if your business was active on that date but closed shortly after? Unfortunately, you’re still required to provide BOI, even if your entity was only operational for a single day in 2024!
Understanding these rules is essential for staying compliant. We’ll be keeping you informed as more updates roll out. Learn more about Understanding the NEW Beneficial Ownership Reporting Requirements below.
What is FinCEN?
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. Its mission is to safeguard the financial system from illicit use, combat money laundering, and promote national security through the collection, analysis, and dissemination of financial intelligence. As part of its duties, FinCEN enforces regulations like the Beneficial Ownership Information requirement, ensuring that companies provide transparency about who truly owns and controls them.
Special thanks to Philip Stewart for keeping us informed on these evolving rules. Learn more about Philip below.
Meet Philip Stewart
Philip is dedicated to assisting his clients with various aspects of their company and sees himself as a strategic partner whose role extends beyond mere legal representation. In an increasingly complex world, he is focused on helping companies make informed decisions to both avoid pitfalls and drive innovation, expansion, and growth.
He understands that oftentimes an innovative approach is needed to overcome unique challenges that a business can experience. Philip takes a practical, business-minded approach to support the needs of the businesses he represents. From initial formation of an entity to its exit strategies and winding down, he is driven to support his clients because he understands what it takes to make a company successful.