La Esquina Latina reports that the Beneficial Ownership Information (BOI) report is mandatory as of January 1 of this year. This report reveals the real owners of companies in the U.S. or registered in the country, as part of a transparency law to prevent the use of shell companies in illicit activities such as money laundering. INCs and LLCs registered before January 1 must file the report by January 1, 2025, and those created after have 90 days to do so. The report is filed annually and must be updated with any changes in the company. The fine for not filing is $500 per day. La Esquina Latina offers help to complete the report, but recommends doing it with your accountants if you already have one. The goal is to inform and support the community, especially in the face of a stricter government.