beneficial ownership information reporting

FinCEN (Financial Crimes Enforcement Network) is a bureau of the U.S. Department of the Treasury that combats financial crimes, including money laundering and terrorist financing. An agency that regulates financial crimes.

The BOI (Beneficial Ownership Information) Report is a report that companies must submit to FinCEN, detailing the individuals who own or control the company, to increase transparency and prevent financial crimes.

(This is a new filing, began in 2024)

Most U.S. corporations, LLCs, and similar entities must file a BOI report with FinCEN.

Certain regulated entities, such as publicly traded companies, financial institutions, and large operating companies, are exempt from filing a BOI report.

Failing to file the BOI report on time can result in civil penalties of up to $500 per day and criminal penalties, including fines up to $10,000 and imprisonment for up to two years.

Corporations that opened in 2024 must file the BOI report within 90 days of their registration.

Corporations registered before 2024 must file the BOI report by January 1, 2025.

To file the BOI report, you’ll need the owner’s name, address, birthdate, a state ID or federal ID (such as a passport), and details about the company, including its EIN (Employer Identification Number).

No, the BOI report does not need to be filed annually, but updates are required within 30 days of any changes to the reported information.