New Federal Law taking effect: Filing requirement for BOI (Beneficial Ownership Information) with FinCEN
- Magda Giolitti
- Oct 30, 2024
- 1 min read
New Federal Requirement: Beneficial Ownership Information (BOI) Reporting
Starting January 1, 2024, a new federal law requires many small businesses to report their beneficial ownership information (BOI). This means if your business was created by filing with a Secretary of State or similar agency, you'll likely need to file a BOI report with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Why is this important?
Failing to comply with this requirement can result in severe penalties, including fines of up to $500 per day and $10,000 in total, as well as potential jail time. We're here to help you navigate this new regulation and ensure your business stays compliant.
What needs to be reported?
Your BOI report must identify the actual individuals who own or control your company, and in some cases, those who filed the paperwork to form or register your business.
Learn More
For detailed information about BOI reporting requirements, who needs to file, and how to comply, click here. - https://www.fincen.gov/boi