Chicago Business Attorney Blog
BOI Reporting
The landscape on the requirements for reporting under the Corporate Transparency Act has changed again.
The requirement that companies report Beneficial Ownership Information (BOI)—details about people who are senior officials and/or own at least 25% of the company—to the U.S. Financial Crimes Enforcement Network (FinCEN) remains voluntary for now. That’s despite the U.S. Supreme Court’s stay of a nationwide preliminary injunction that suspended enforcement of the act and its implementing regulations.