The Financial Crimes Enforcement Network (FinCEN) established a beneficial ownership information requirement (BOI) under the Corporate Transparency Act (CTA) whereby most U.S entities must report information on their beneficial owners to FinCEN starting on January 1, 2024.

 

PLEASE BE AWARE: 

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. However, this civil penalty amount is adjusted annually for inflation. As of the time of publication of this FAQ, this amount is $591.

A person who willfully violates the BOI reporting requirements 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.

If applicable to your business, earlier this year, you should have received a notification from FINCEN (Financial Crimes Enforcement Network) regarding the new Beneficial Ownership Information Reporting (BOIR) filing requirement. This is a friendly reminder to ensure that your filing is submitted before January 1, 2025. You can complete the filing directly at the following link:

- https://boiefiling.fincen.gov/fileboir.

Here is a separate link for more information:

- https://boiefiling.fincen.gov/resources/BOIR_E-File_Online_Step-by-Step_Instructions.pdf