- Most corporations, limited liability companies (LLCs), and other similar entities that registered with the secretary of state or equivalent office.
- Full names, addresses, dates of birth, and identifying document details of beneficial owners and company applicants.
- Reports are submitted to FinCEN here at no cost. We can complete and submit on your behalf for a fee.Â
- Companies formed before January 1, 2024, generally have until January 1, 2025 to file their initial BOI report.
- Businesses that fail to file BOI reports may face civil penalties, including daily fines.
Check out FinCEN’s Q&A for more info.Â
Starting Jan. 1, 2024, most companies created in or registered to do business in the U.S. will need to report information on their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA) by January 1, 2025.
The CTA is a federal law that requires business entities to report details about their ownership to FinCEN. Failure to file your Beneficial Ownership Information Report (BOIR) before the deadline may incur penalties, fines and possibly imprisonment. Â
All corporations, limited liability companies (LLCs), and other similar entities that were created by filing a document with a secretary of state or equivalent office must file a BOI report unless it qualifies for one of the CTA’s exemptions.
Certain businesses affected by Hurricanes Beryl, Debby, Francine, Helene and Milton will have an extra six months to submit BOI reports, including updates or corrections to previous reports.
This report must disclose the true owners and key individuals behind the company to government authorities, ensuring compliance with legal and regulatory requirements. Despite the privacy protections offered by an LLC and Corporation, transparency in ownership remains necessary to meet reporting obligations and avoid potential legal issues.
Failing to file a BOI report when required can result in significant penalties of up to $500 per day, including fines of up to $10,000 and potential imprisonment for up to two years. It’s crucial to take these obligations seriously and ensure timely compliance.
Filing is easy, simply visit FinCEN.gov and fill out all of the required fields on the site. Direct filing is free. Please let us know if you have any questions. If you would like, we can file this form on your behalf for a small fee. (No charge for Tax Advisory clients). We are happy to help. Let us know when you have completed this filing or if you would like us to complete the filing on your behalf. If you chose to file on your own, please provide us a copy of the completed filing along with your filing confirmation.
