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Important Information for Your Company

Willful violation of Beneficial Ownership Information (BOI) reporting requirements could be subject to criminal penalties of up to two years in prison and a fine of up to $10,000. Individuals and corporate entities can both be liable for violating Financial Crimes Enforcement Network (FinCEN) reporting requirements.

As of January 1, 2024, FinCEN requires most legal entities, domestic or foreign, to report its Beneficial Ownership Information (BOI).>

Reporting Companies are:

Domestic reporting company – C corporations, LLCs, (including those with S Corporation status, Limited partnerships, Limited Liability Partnerships, Limited Liability Limited Partnerships, business trusts or any business entity created through filing a registration document with a secretary of state (or similar) office under the law of a state or Indian tribe.
Foreign reporting company – A corporation, LLC, or other entity formed under the law of a foreign country that filed a document with a secretary of state or any similar office to register to do business in any U.S. state or tribal jurisdiction.

Existing Companies

An existing company is defined as one that was formed before January 1, 2024 and must file their report after January 1, 2024, and before January 1, 2025.

New Companies

Any reporting company created or registered on or after January 1, 2024, must file its initial BOI report within 90 days of its formation. The 90-day window begins either when the company receives notice from the state that its registration is effective, or after a secretary of state (or similar office) provides public notice of the reporting company’s registration, whichever is earlier.

Entities created or registered on or after January 1, 2025, will have 30 calendar days to file.

How to Submit Reports

Reporting companies will have to report beneficial ownership information electronically through FinCEN’s website https://www.fincen.gov/boi

For more information and step-by-step filing instructions click here: https://boiefiling.fincen.gov/help

Krassy Popova, CPA, MBA, EA, CAA
RBTS, CPA

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