Beneficial Ownership Information (BOI) Reporting

What do you need to know about BOI reporting requirements?
As of 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) requires most domestic and foreign businesses who are registered to do business in the U.S. to report their BOI to more effectively reduce fraud and financial crimes.

If you own a business identified as a reporting company (primarily LLCs, S, and C corporations), you may be required to file a BOI report on your beneficial owners. A beneficial owner is someone who has a stake in a legal entity or corporation, or a significant management role. A business may have multiple beneficial owners that own or control the company.

What is the deadline for BOI report?
Effective January 1, 2024, newly formed entities (business created on or after Jan. 1, 2024) must file their BOI Report within 90 days from the date of the company’s creation or registration. Businesses in existence prior to January 1, 2024, must file by January 1, 2025, new businesses required to report will have 30 days from establishment or registration to file.

What happens if I don’t comply?
The potential civil penalties for non-compliance can include fines of $591 per day, up to $10,000.

How do I file?
If you are required to file, we can assist you with preparing and filing the initial reports to FinCEN. Our fee for the initial reports will be $200.00. If you need our help, please call the office and someone will be happy to help you.

OR

You can file the reports yourself by using the links below.