12/9/24 UPDATE:
A U.S. District Court Judge ruled the enforcement of the BOI filing is unconstitutional. However, until FinCEN takes the filing off their website, you should still consider filing, just in case.
Penalties will begin after January 1st 2025
Have you heard of FinCEN and the newly required BOI reporting? FinCEN, which stands for Financial Crimes Enforcement Network, is part of the US Department of Treasury. This department is in charge of preventing financial crimes and promoting national security. The newly required BOI (Beneficial Ownership Information) report was created to help FINCEN on its mission by ensuring more transparency of ownership for companies operating in the US. Reports are due January 1st, 2025, for companies that began before 2024.
The report is easy to file online, or you can fill out the PDF and submit it.
You will need:
- Company name
- Tax ID
- Location
- Owner’s name
- Owner’s date of birth
- Owner’s address
- A government-issued ID or a FinCEN ID
You must file a BOI report for each owner who owns 25% or more of the company.
File here https://boiefiling.fincen.gov/fileboir
Instructions on how to file https://boiefiling.fincen.gov/help
All the information you need can be found here https://www.fincen.gov/boi
