We’d like to share an update on a new requirement from the Financial Crimes Enforcement Network (FINCEN) that may impact your business.
BOI Reporting Deadline
FINCEN now requires certain U.S. businesses to file a Beneficial Ownership Information (BOI) report.
If you are a business owner, it’s likely your business is among those required to file. This report is due by the end of the year, December 31, 2024.
Why This Matters
FINCEN, part of the U.S. Treasury, is working to protect the financial system from illegal activity. This new BOI reporting requirement means certain businesses must disclose key information about their ownership.
Compliance is mandatory, with a specific focus on entities like corporations, LLCs, and limited partnerships.
Who Needs to File?
If your business is a corporation, LLC, or limited partnership, it likely falls under this requirement if someone has significant control or at least 25% ownership.
Some entities, like larger companies, banks, and nonprofits, may be exempt based on their formation date and type.
Resources to Help You Determine Your Filing Obligations
To help you confirm whether your business needs to file, FINCEN provides the following resources:
- FINCEN’s BOI Reporting FAQs: Answers to common questions on BOI requirements.
Self-Filing Option
If you prefer to handle the filing independently, FINCEN has made the process accessible and there is no charge:
- BOI E-Filing System: The secure portal for submitting your BOI report.
- Step-by-Step Video Instructions: This guide walks you through each step of the filing.
Watch Out for Fraud
Please be cautious of any unsolicited offers or calls regarding BOI filings. Fraudulent schemes tend to increase with new requirements. Make sure to verify any requests before sharing your business information.
If you have any questions, please don’t hesitate to reach out.