Understanding FinCEN’s New BOI Filing Requirements: A Quick Guide
As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) requires specific business entities to report Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA). This mandate aims to combat money laundering, tax evasion, and financial fraud by increasing transparency around ownership structures of U.S. entities. FinCEN administers the BOI filing requirements, which are strictly enforced with substantial penalties for non-compliance.
Who Needs to File?
The BOI filing applies primarily to “reporting companies,” which includes both domestic and foreign business entities registered to do business in the U.S., such as corporations, limited liability companies (LLCs), and other similar entities. Exemptions exist for certain entities, including large companies with over 20 employees, banks, and nonprofits, but the majority of small businesses will need to comply.
Key Information Required
To file BOI, businesses must report essential details about their beneficial owners—individuals with significant control or ownership in the entity. This includes name, date of birth, address, and a unique identifier like a driver’s license number or passport. The filing must be submitted electronically through FinCEN’s secure online portal.
How We Can Help
For those who prefer assistance, our office offers hands-off filing support for $95. However, we recommend that business owners familiarize themselves with the process and self-file at no cost. FinCEN imposes severe fines for incorrect or missed filings, so accuracy and timeliness are crucial.
Click here to start!!! For more details, visit FinCEN’s official site or consult their BOI guidance. Get Started!!
Here is two Youtube videos break down the filing process step-by-step, ideal for those needing practical, hands-on guidance. It is for information only and as a resource for those seeking understanding and assistance.
Fact Sheet: Beneficial Ownership Information Access and Safeguards Final Rule
If you’re looking for the latest information “straight from the horse’s mouth,” you can always go directly to [FinCEN’s official website](https://www.fincen.gov/) or their **YouTube channel**. FinCEN provides official guidelines, updates, and videos specifically designed to walk businesses through the BOI filing requirements. It’s a smart approach to get firsthand insights, especially with such a sensitive requirement where any error could lead to costly penalties.
