BOI Reporting Timelines for Small Business Owners

Insight in Indian Country Podcast

Trusted Expertise to Serve Tribal Nations

Update: On March 21, 2025, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced a significant revision to the Corporate Transparency Act. Beneficial ownership information (BOI) reporting will no longer be required of U.S. companies or U.S. individuals. The program has been modified to require BOI reporting only by foreign entities that have filed documents with a Secretary of State or similar office. All U.S. companies and U.S. individuals are now exempt from filing and they will not incur any fines or penalties regarding BOI compliance. Foreign-owned reporting companies must file BOI reports within 30 days following the publication (March 26, 2025) of the interim final rule, April 25, 2025.

The Corporate Transparency Act (CTA) was enacted by the Financial Crimes Enforcement Network (FinCEN) to combat money laundering and financial crimes. The act seeks some 32 million businesses to report beneficial ownership information by January 13, 2025. This episode, Wes Benally discusses the impact to Tribal businesses and entities that will report to the CTA, exemptions, reporting information, and more, with REDW Senior State and Local Tax Advisors Jeanna Schenk and Thomas Miller. Unsure if the CTA applies to your organization? Don’t guess. Tune in to learn more or reach out to REDW’s trusted business advisors for guidance.

Takeaways

• The Corporate Transparency Act (CTA) seeks for many businesses to report beneficial ownership information to combat money laundering and financial crimes.
• The desired timeline for filing the Beneficial Ownership Information Report (BOIR) is January 13, 2025, for established businesses. For businesses created on or after January 1, 2024, the timeline is within 90 days of formation.
• Many Tribal businesses and entities will report to the CTA, but certain types of tribal businesses will not.
• The information reported to FinCEN is highly secure and access is limited to authorized entities.

Chapters

• 00:00 – Introduction to the Corporate Transparency Act
• 04:43 – Reporting and the Beneficial Ownership Information Report (BOIR)
• 09:07 – Considerations for Tribal Entities and Sovereignty
• 12:25 – Unique Structures and Entities Subject to the CTA
• 15:24 – Timelines for Reporting
• 17:13 – Security and Access to Reported Information

Report BOI with Confidence

REDW’s trusted team of experts are handling the reporting process through the FinCEN website for business leaders in Indian Country. Our comprehensive services ensure that all aspects of Beneficial Ownership Information Reporting are covered, including identifying any applicable filing exceptions for your business.

Do you have more than seven entities to report on? Schedule a Complimentary BOI Reporting Consultation. We help Tribal entities determine their reporting obligations and provide guidance throughout the process.

Meet Your Host

Wesley Ryan Benally, CPA

REDW Principal and National Tribal Practice Leader

As the leader of REDW’s National Tribal Practice, Wes is committed to improving financial literacy throughout Indian Country and hosts the Insight in Indian Country Podcast. He oversees audits of a wide range for Native American communities, state and local government agencies, and non-profits nationwide, is a member of the Arizona State Board of Accountancy’s Peer Review Oversight Advisory Committee, and serves as an instructor with Arizona State University’s American Indian Policy Institute. In addition, as a Board member for a tribal gaming entity that operates in two states, Wes keeps up with regulatory issues important to tribal gaming operations. Wes is an enrolled member of the Navajo Nation.

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• “We’ve got to generate revenue for the nation.” How DDC Is Winning in Federal IT for the Navajo Nation with Austin Tsosie
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