FINCEN BOI Reporting
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control more than 25% of the company to the Financial Crimes Enforcement Network (FinCEN).
Who Has to Report?
Companies required to report are called reporting companies. Reporting companies may have to obtain information from their beneficial owners and report it to FinCEN.
Your company may be a reporting company and need to report information about its beneficial owners if your company is:
- A corporation, a Limited Liability Company (LLC), or was otherwise created in the United States by filing a document with a Secretary of State or any similar office under the law of a state or Indian Tribe.
or
- A foreign company and was registered to do business in any U.S. State or Indian Tribe by such a filing.
Who Does Not Have to Report?
Twenty-three types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies, nonprofits, and certain large operating companies. FinCEN’s Small Entity Compliance Guide includes checklists for each of the 23 exemptions that may help determine whether your company qualifies for an exemption- Small Entity Compliance Guide | FinCEN.gov .
How Do I Report?
Reporting companies must report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi. The system will provide the filer with confirmation of receipt once a completed report is filed with FinCEN.
Tax American-O, LLC is a third-party filer who will assist reporting companies in meeting their BOI reporting requirements.
When Do I Report?
Reports will be accepted starting on January 1, 2024.
- If your company was created or registered before January 1, 2024, you will have until January 1, 2025, to report BOI.
- If your company was created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
- If your company was created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
- Any updates or corrections to beneficial ownership information you filed with FinCEN must be submitted within 30 days.
Tax American-O, LLC filing compliance services:
When will this service be available?
- We will start this service at the end of February 2024.
What will be the cost of this reporting service?
- Pricing will be based on the complexity of the information to be reported.
What will be the filing method for this reporting?
- We will file electronically.