Report Beneficial Ownership Information (BOI) to the United States Department of the Treasury
Business Owner? A new requirement might apply to your company.
A bipartisan law passed to protect economic and national security, requires certain small businesses to report information to the United States Department of the Treasury Financial Crimes Enforcement Network (FinCEN) about the real people who own or control them.
Companies, even those with less than 20 employees and less than US$5 million in revenue will need to file a Beneficial Ownership Information (BOI) Report by the end of 2024, or starting 01 January 2025, the company will be fined US$597/day.
Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on 01 January 2024. Learn more about reporting deadlines.
Beneficial Ownership Information (BOI) Reporting
Prepare
Do I qualify for an exemption?
File
File a report using the BOI E-Filing System
When do I need to report my company’s beneficial ownership information to FinCEN?
A reporting company created or registered to do business before 01 January 2024, will have until 01 January 2025 to file its initial beneficial ownership information report.
A reporting company created or registered on or after 01 January 2024, and before 01 January 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. 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 01 January 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 with FinCEN. Read More.
