What Is FinCEN BOI Reporting?

 

FinCEN BOI reporting is a new mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) in 2024. This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the government's efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024 and it is enforced by potential civil penalties of up to $591 per day and may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. 

 

Who Is Affected?

 

Entities required to report under this regulation include corporations, limited liability companies, s-corps, LLPs, and other entities created by filing a document with any U.S. State. The majority of for-profit business entities will be required to file this report unless they qualify for an exemption. You can find out if you have an exemption easily on this page.

 

Can We File Your FinCEN report?

 

Yes, our firm can file your report. Please click here if you would like help with this mandatory filing. We use a specialized web platform, FincenFetch, to make this process easy for you. This platform will securely and quickly collect your filing information for our firm to let us complete your report. The fee for filing each report will be $400 and is based on your cooperation to gather and complete the required information.

 

You are also able to file the form on your own at https://fincen.gov/boi. If you choose to file the required reports on your own we will be unable to assist you.

 

What Are The Due Dates?

 

Entities created before Jan. 1, 2024, will have until Jan. 1, 2025 to submit the report.

 

Entities created on or after January 1, 2024 and before Jan 1, 2025, will have 90 days from creation or registration to submit the report.

 

Entities created on or after Jan. 1, 2025, will have 30 days from creation or registration to submit the report.