BOI Federal Reporting Requirements
Federal Reporting Requirements
Have you heard about Beneficial Ownership Information Reporting (BOI) from the Financial Crimes Enforcement Network (FinCEN)? If you are an LLC, Corp., Inc., LLP, or similar, you may be designated as a Reporting Company that needs to file a report. The good news? Sole Proprietors and Non-Profits are exempt. Plus, it’s completely free to file a report on your own.
Stay Informed and Compliant
Starting on January 1, 2024, BOI reports must be filed electronically using FinCEN’s secure filing system. FinCEN will store BOI reports in a centralized database and only share this information with authorized users for purposes specified by law. The database will use rigorous information security methods and controls typically used in the Federal government to protect non-classified yet sensitive information systems at the highest security level.
When do I Need to File a Report?
- Reports will be accepted starting on January 1, 2024.
- Reporting companies created or registered to do business before January 1, 2024, will have additional time — until January 1, 2025 — to file their initial BOI reports.
- Reporting companies created or registered on or after January 1, 2024, and before January 1, 2025, have 90 calendar days after receiving actual or public notice that their company’s creation or registration is effective to file their initial BOI reports.
- Specifically, this 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
- Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports.
Where can I Find Additional Information About BOI Reporting?
- Additional information about the Reporting Rule and guidance materials are available at fincen.gov/boi.
- FinCEN has issued and will continue to issue frequently asked questions to address specific questions on the topic. They can be found here: fincen.gov/boi-faqs.
- In addition, if you have any questions regarding BOI reporting obligations, you should contact FinCEN at fincen.gov/contact.
- Reference YouTube Videos:
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