Beneficial Ownership: An Important Update for Businesses

Businesses must file Beneficial Ownership (BOI) reports, which have been fluctuating between being required and being halted by the courts due to legal challenges. For the most recent updates, please check the Financial Crimes Enforcement Network (FinCEN) website regularly at https://fincen.gov/boi.

Who Needs to Report?

Under the original mandate, BOI reporting applied to most corporations, LLCs and entities created or registered in the United States. Exemptions include publicly traded companies, nonprofits and certain large operating companies.

Why This Matters

Even if mandatory compliance is temporarily paused, voluntarily submitting BOI reports can demonstrate good faith and support transparency. Staying informed about your obligations and the latest updates is crucial to ensuring your business is prepared when requirements are reinstated.

We’re Here to Help

At Pinnacle Bank, we’re committed to informing our customers about important regulatory updates. If you have questions about BOI reporting or other compliance matters, email us at customerservice@pinnaclebank.com, call 877.759.7939 or visit your nearest Pinnacle branch.

Find a Branch Near You

Let us guide your business through these developments.