New York Estate Planning & Elder Law Blog
The Corporate Transparency Act came into being this year as part of the Anti-Money Laundering Act. This act is designed to combat terrorism, tax fraud and money-laundering.
Under the act, corporations and LLC’s are required to report who their “beneficial owners” are in a Beneficial Ownership Information Report (BOI report) to the Financial Crimes Enforcement network (FinCEN) on an annual basis.
New York has its own version called the New York LLC Transparency Act that takes effect in 2026, however the New York version only applies to LLC’s. The BOI report is due by January 13, 2025 for entities formed before 2024 and within 90 days of formation or registration for entities formed in 2024. For entities formed after 2025, the BOI report is required to be filed within 30 days.