FINCEN - Beneficial Ownership Information

​Please be advised that businesses, including Corporations, Single Member LLCs, Partnerships and any entity with members holding more than a 25% ownership stake, must report beneficial ownership information. This applies to companies filing forms 1065, 1120, or 1120-S.
 
FinCEN BOI reporting is a mandatory NEW business filing, requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) in 2024. This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the government’s efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024 and it is enforced by potential penalties including fines of $500 per day up to $10,000
 
Requirements:
 
• Provide the current physical address of your business.
• Supply the current physical addresses of all members or stockholders.
• Submit copies of driver’s licenses for all members or stockholders.
 
Compliance Deadlines:
 
• Businesses opened before January 2024 must comply by December 31, 2024.
• Businesses opened after January 1, 2024, have 90 days to comply.
• New businesses in 2025 must comply within 30 days of opening.
 
Please note there are exemptions for companies with more than 20 employees or for companies with 5 million in gross annual income.
 
You can file this yourself at boiefiling.fincen.gov or we can file this for you at a service price.
 
We are being told that the IRS will impose a fine for failure to comply.
 
For any further clarification, feel free to reach out.