Reminder: FinCEN’s Beneficial Ownership Reporting Requirements and Deadline

While the deadline for reporting beneficial ownership information (BOI) is a few months away, it is best to start preparing now. As a reminder, here’s some information on the process for submitting your BOI to the Financial Crimes Enforcement Network (FinCEN). 

FinCEN launched the Beneficial Ownership E-Filing website on January 1, 2024, which is used for entities to report their beneficial ownership information. 

• A reporting company created or registered to do business before January 1, 2024 will have until January 1, 2025 to file its initial BOI report or to determine they are exempt. 
• A reporting company created or registered in 2024 will have 90 calendar days after receiving actual or public notice that its creation or registration is effective to file its BOI report. 
• A reporting company created on or after January 1, 2025 will have 30 calendar days after receiving actual or public notice that its creation or registration is effective to file its BOI report. 

FinCEN also released a video that provides a step-by-step guide for filing BOI reports.

Here are some additional resources:

1. frequently asked questions about BOI reporting requirements
2. small entity compliance guide

?Note that 23 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. Review Chapter 1.2 of the Guide for more information.

And finally, when in doubt, consult your tax and legal professionals for help and guidance