A reporting company created or registered to do business before
January 1, 2024, will have until December 31, 2024 to file its initial BOI Report.
The Beneficial Ownership Information Report (BOIR) is a federal requirement new to 2024. Under the Corporate Transparency Act (CTA), the U.S. Treasury Financial Crimes Enforcement Network (FinCEN) has developed the BOIR as a method to help detect, prevent, and recognize misconduct through business entities, such a money laundering and terrorism.
Source: https://fincen.gov/boi
What companies will be required to report beneficial ownership information to FinCEN?
Companies required to report are called reporting companies. There are two types of reporting companies:
- Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
- Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
Source: https://fincen.gov/boi-faqs#C_1
There are 23 types of business entities that are exempt from the reporting requirements
Carefully review the qualifying criteria before concluding that your company is exempt.
Source: https://fincen.gov/boi-faqs#C_2
Be aware of phishing and scam websites.
Go directly to the Financial Crimes Enforcement Network BOI Homepage (https://fincen.gov/boi) for directions on submitting your BOIR.
There is no fee for filing a BOIR directly with FinCEN and most submissions take 30 minutes or less to complete. The BOIR was designed for business owners to submit on their own behalf. You may use a third party, such as a lawyer, accountant, or enrolled agent to submit your BOIR, but it is not required.
If you do choose a third party, be vigilant on who is provided your information. Avoid unsolicited offers made by mail, phone calls, etc.
Source: https://fincen.gov/boi
The information above is being provided as a courtesy by Sword Bookkeeping Services and not intended to be legal advice.
For questions not answered at the FinCEN FAQ webpage (https://fincen.gov/boi-faqs), please contact your legal counsel.
Sword Bookkeeping LLC 