FEDERAL REPORTING REQUIREMENT FOR BENEFICIAL OWNERSHIP INFORMATION (BOI)

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners-the individuals who ultimately own or control the company-to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Your company may need to report information about its beneficial owners if it is:

  1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
  2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

Twenty-three types of entities are exempt from beneficial ownership information reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies.

FinCEN began accepting BOI reports on 1/1/2024.

  • If your company was created or registered prior to 1/1/2024, you have until 1/1/2025 to report.
  • If your company was created in 2024, you must report BOI within 90 days of creation.
  • If you create a company on or after 1/1/2025, you must report BOI within 30 calendar days.
  • Any updates or corrections to beneficial ownership information must be submitted within 30 days.

There is no cost for BOI reporting.

 

**Please note that our firm will NOT be filing BOI reports on your behalf.  You must do the reporting on your own.

 

For more information, go to fincen.gov/BOI or contact our office.

 

Sandra G Johnson, CPA, EA, CFE