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Trending Topic: Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) Reporting

Effective January 1, 2024, many companies in the United States are required to report important information regarding their company’s beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Failure to comply with the registration requirements, including the filing of false or materially incomplete information, may result in civil and criminal penalties up to $5,000 per violation and imprisonment for up to 5 years. Each day a violation continues constitutes a separate violation.

  • 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 reports on January 1, 2024.

    If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI.

    If your company is created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.

    If your company is created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.

    Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

  • Additional information about the Reporting Rule and guidance materials are available at www.fincen.gov/boi.

    If you have any questions regarding BOI reporting obligations, please contact our office, and we would be happy to direct you to a FinCEN compliance specialist.

  • Beneficial Ownership Information (BOI) reports can be e-filed on www.FinCEN.gov.

    To ensure your company is in compliance with all Beneficial Ownership Information Reporting to the Financial Crimes Enforcement Network (FinCEN), please contact our office to learn more about our FinCEN reporting services.

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