New Beneficial Ownership Information 2024
October 29, 2024
IMPORTANT: Starting on January 1, 2024, a new rule by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) in relation to the Corporate Transparency Act requires that owners of LLCs and Corporations file Beneficial Ownership Information (BOI) with the U.S. Treasury within 90 days of registering their business. The business owner(s) is responsible for filing this electronically on FinCEN’s website. Businesses that formed before January 1, 2024 have until December 31, 2024 to file BOI. Any business that forms after January 1, 2025 will have 30 days to file after the date of formation. Failure to file can be up to 2 years in prison or a $10,000 fine.
Beneficial Ownership Information Reporting: FAQs
What is beneficial ownership information?
Beneficial ownership information is identifying information about the individuals who directly or indirectly own or control a company.
Why do companies have to report beneficial ownership information?
In 2021, Congress passed the Corporate Transparency Act (CTA) as part of the U.S. Government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
How do I report BOI?
The form is found on FinCEN’s BOI e-filing webpage. https://boiefiling.fincen.gov/
What companies are required to report BOI to FinCEN?
LLCs, Corporations, or other entities created by filing a document with the secretary of state or similar office under the law of a State.
Is there a requirement to annually report BOI?
No. Companies are required to file an initial BOI report and only update when beneficial ownership information changes.
Additional Resources
Additional FAQs: https://www.fincen.gov/boi-faqs
Where to e-file: https://www.fincen.gov/boi
Small Business Resources: https://www.fincen.gov/boi/small-business-resources
Small Entity Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
Laws and Regulations: https://www.fincen.gov/boi/Reference-materials
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