10/17/2024
Effective this year, the Federal Corporate Transparency Act requires most business entities to report BENEFICIAL OWNERSHIP INFORMATION (BOI) to the Financial Crime and Enforcement Network (FinCEN) of the US Department of Treasury.
Most existing entities that fall into this requirement, must submit BOI to FinCEN no later than January 1, 2025. Failure to report BOI could result in fines and penalties of $500 per day, up to a maximum of $10,000.
For most entities, BOI reporting is straight forward, especially if there are 2 or less owners. We have included a link below to the FinCEN BOI website. This website includes videos, reference materials and Q&A on the process for reporting.
You will need the following information for each Beneficial Owner: Name, Date of Birth, Address, and a copy of their US Passport, state driver's license or other identification issued by a state, local government or Indian Tribe.
You will need the following information about the entity you are reporting to: Name, trade name, address, jurisdiction and tax id number.
If you do not want to file your BOI on your own, please contact our office.
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