You may have been hearing about the new "Beneficial Ownership Information" (BOI) Reporting requirement for businesses.
Who Must File:
Your required to file BOI for your company if your company was created by filing a document with your state's Secretary of State office or any similar office in the United States.
When to File:
- If your company was created or registered to do business BEFORE January 1, 2024, you have until next January (1/1/2025) to report.
- You are allowed to report BOI information now, if you choose.
- You are allowed to report BOI information now, if you choose.
- Businesses registered to do business after January 1, 2024 will have 90 calendar days to file after receiving notice of it's effective registration.
- Businesses registered to do business after January 1, 2025 will have 30 calendar days to file after receiving notice of it's effective registration.
How to File:
Reporting must be submitted electronically through FINCEN's Website: https://boiefiling.fincen.gov/
What is Beneficial Ownership Information:
Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
Information is being reported to the US Department of Treasury through the Financial Crimes Enforcement Network (FiNCEN)
Why is BOI reporting required:
BOI reporting requirements are 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.
Where can I get more information:
This is a direct link to the FINCEN FAQ page: https://www.fincen.gov/boi-faqs#A_1