Pharmacies that have 20 or fewer full-time employees have reporting requirements under the Corporate Transparency Act

Pharmacies that have 20 or fewer full-time employees that do not otherwise meet an exemption will be required to report a “beneficial ownership information (BOI) report” with the US Treasury’s Financial Crimes Enforcement Network (FinCEN) beginning Jan. 1, 2024 under the Corporate Transparency Act. A pharmacy created or registered before Jan. 1, 2024, will have until Jan.1, 2025, to file their initial BOI reports with FinCEN. A pharmacy created or registered in 2024 will have 90 calendar days from the time the company receives actual notice from its state of incorporation that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier, to file their initial reports. Pharmacies created or registered on or after Jan. 1, 2025, will have 30 calendar days to file their initial BOI reports with FinCEN. FinCEN will not accept BOI reports from reporting companies until Jan. 1, 2024 — no reports should be submitted to FinCEN before that date. For a full NCPA member summary on reporting requirements, click here.