The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is now accepting U.S. beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 was created to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.
The Federal government is now requiring most businesses (LLC, S-Corp, C-Corp, Partnerships, etc…) who registered their business with their STATE (this applies to ALL States) unless your business is exempt to file a BOI Report = Beneficial Ownership Information Report.
This report will show who owns and benefits from these state registered business
in the United States in an effort to illegal activity.
Existing Businesses (formed before 12/31/23):
You must file this report by JANUARY 1, 2025
New Businesses (formed between 1/1/24 to 12/31/24):
You must file this report within 90 DAYS
All New Businesses (formed 1/1/25 and going forward):
You must file this report within 30 DAYS
Filing is simple, secure, and free of charge. U.S. Beneficial ownership information reporting is not an annual requirement. You only have to file this report ONCE. A report only needs to be submitted once, unless the filer needs to update or correct information.
risk being Charged $500 a Day if you don't compete this Requirement.
As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.
To find out more about the reporting process, visit https://www.fincen.gov/boi
Video show Step by Step how to complete this form:
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