For Business Owners: New Beneficial Ownership Information Reporting Rule 2024
Updated August 30, 2024 | Published January 31, 2024 by Angela Talbot | Reading Time: 1 minute
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Categories:
- Business
IMPORTANT: Starting on January 1, 2024, a new rule by the U.S. Treasury鈥檚 Financial Crimes Enforcement Network (FinCEN) in relation to the Corporate Transparency Act requires that owners of LLCs and Corporations file Beneficial Ownership Information (BOI) with the U.S. Treasury within 90 days of registering their business. The business owner(s) is responsible for filing this electronically on . Businesses that formed before January 1, 2024 have until December 31, 2024 to file BOI. Any business that forms after January 1, 2025 will have 30 days to file after the date of formation. Failure to file can be up to 2 years in prison or a $10,000 fine.
Beneficial Ownership Information Reporting: FAQs
What is beneficial ownership information?
Beneficial ownership information is identifying information about the individuals who directly or indirectly own or control a company.
How do I report BOI?
The form is found on FinCEN鈥檚 BOI e-filing webpage.
What companies are required to report BOI to FinCEN?
LLCs, Corporations, or other entities created by filing a document with the secretary of state or similar office under the law of a State.
Can an attorney of certified public accountant submit my BOI?
No. The business owner is responsible for submitting their BOI. If you need help submitting, you can consult with an attorney, but they cannot submit for you. FinCEN is confident that small business owners will be able to do this themselves with the .
Is there a requirement to annually report BOI?
No. Companies are required to file an initial BOI report and only update when beneficial ownership information changes.
More Beneficial Ownership Information Reporting Resources
Additional FAQs:
Where to e-file:
Small Business Resources:
Small Entity Compliance Guide:
Laws and Regulations: