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  • Writer's pictureCarbonell & Co., LLC

The New Beneficial Ownership Information Reporting to FinCEN





Beginning January 1, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury, will require many companies to report information about their beneficial owners (individuals who are owners or control the company), known as Beneficial Ownership Information (BOI) .


Among the companies that will need to report BOI are corporations, limited liability companies (LLCs), and foreign companies that are registered to do business in the US. Publicly traded companies, nonprofits, and certain large operating companies are exempt from these reporting requirements.


To find out if your company is required to file BOI, check out the FinCEN's BOI Small Compliance Guide.

Important


  • Reports will be accepted starting on January 1, 2024 and can be done electronically through FinCEN's website: www.fincen.gov/boi

  • Companies created prior to January 1, 2024, will have until January 1, 2025, to file their initial BOI report.

  • If the company was created after January 1, 2024, BOI reporting must be done within 30 days of creation of the company.



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