The information provided in the podcast and article below reflects information that was accurate as of February 19, 2025. Reporting requirements and penalties assessed continue to change. Please visit fincen.gov/boi for the most up-to-date and accurate information.
As a business owner in the trucking industry, staying compliant with government regulations is key to your success. Beneficial Ownership is a crucial regulation that small fleets and owner-operators need to be aware of that might have slipped under the radar. Here's a breakdown of what it is, why it's important, and how you can ensure your business is prepared.
Why Trucking Business Owners Need to Know About Beneficial Ownership
For owner-operators and fleet owners, understanding beneficial ownership is critical because of new federal reporting requirements under the Corporate Transparency Act (CTA). Starting in 2024, many businesses, including those in the trucking industry, will be required to file beneficial ownership information with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).
Failure to comply with these new rules could result in penalties or fines. By understanding what beneficial ownership is and ensuring you report the necessary information accurately, you’ll avoid legal trouble and keep your business running smoothly.
What is beneficial ownership information?
Beneficial ownership information pertains to the details that identify individuals who directly or indirectly own or have control over a company.
Why do companies have to report beneficial ownership information to the U.S. Department of the Treasury?
This law establishes a new requirement for reporting beneficial ownership information as part of the U.S. government's initiative to make it more difficult for wrongdoers to conceal or profit from their illegally obtained assets via shell companies or other unclear ownership arrangements.
Ultimately, its goal is to prevent fraud and illegal activities, such as money laundering or tax evasion, by ensuring that the true owners of businesses are disclosed to the government.
Important Filing Deadlines as of February 19, 2025
Business owners should be aware of the key deadlines related to beneficial ownership reporting:
Existing Companies: For most reporting companies, the new deadline to file an initial BOI report is now March 21, 2025.
New Company Registered After February 18, 2025: If you registered a new business on or after February 18, 2025, you must file your beneficial ownership report within 30 days of registration.
It’s essential to mark these dates on your calendar and ensure your documentation is in order before the deadlines.
What Information You’ll Need
When filing your beneficial ownership information, you’ll need to provide the following details for each individual who qualifies as a beneficial owner:
Full Name – The legal name of the beneficial owner.
Date of Birth – A verified birthdate to confirm identity.
Residential or Business Address – The owner’s primary address.
Identification Number – This could be a passport number, driver’s license, or another government-issued ID, along with a scanned copy of the document.
If your trucking business has multiple beneficial owners, you'll need to collect and submit this information for each individual.
By staying informed about beneficial ownership requirements and preparing early, you can avoid penalties and keep your business compliant with federal regulations. Expediter Services is here to assist owner-operators and small fleet owners with every aspect of business growth and compliance.
More information including FAQs and how to file beneficial ownership information can be found on the FinCEN website.