Attention business owners with LLCs, INCs, C/S Corps, and foreign companies operating in the USA: there’s a crucial new requirement you need to be aware of. The U.S. Financial Crimes Enforcement Network (FinCEN) has introduced a new mandate for filing the Beneficial Ownership Information Report (BOIR).

What is Beneficial Ownership Information?

Beneficial ownership information identifies the individuals who either directly or indirectly own or have control over a company. This measure aims to enhance transparency in business operations.

FinCEN’s BOI E-Filing Launch

FinCEN launched the BOI E-Filing website (boiefiling.fincen) on January 1, 2024, providing a streamlined, electronic process for businesses to comply with this new reporting requirement.

Reporting Deadlines

• Businesses established or registered before January 1, 2024, have until January 1, 2025, to submit their initial BOI report.
• Companies created or registered in 2024 have 90 days post-registration to file.
• Entities established or registered on or after January 1, 2025, must file within 30 days of registration. 

Filing Process

You can submit your company’s beneficial ownership information electronically via FinCEN’s secure BOI E-Filing website at FinCEN’s Website. Notably, there is no fee for this submission.

Seeking Professional Help

To ensure compliance, businesses can seek assistance from professional service providers like lawyers or accountants.

Consequences of Non-Compliance

Be aware that failure to comply with these reporting requirements can lead to severe penalties.

Important Note

It’s crucial to understand that the BOI requirement is separate from income tax returns and has its own specific deadlines.

Conclusion

Staying informed and compliant with these new regulations is essential for all applicable businesses operating in the USA. Ensure you meet these new requirements to avoid any legal complications.