File Your Beneficial Ownership Information!
On January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) launched the Beneficial Ownership Information (BOI) E-Filing website. This website allows companies to file their Beneficial Ownership Information, which is a MANDATORY requirement for all active businesses.
Understanding the deadlines and requirements for filing this information is crucial for maintaining compliance. The specific deadline for filing the BOI depends on when the company was created or registered with the state.
Company was created BEFORE January 1, 2024: FinCEN is giving companies a 1 year window from initialization of this program to file their Beneficial Ownership Information. Which means, if your business was created before January 1, 2024, you have until January 1, 2025 to comply and file the BOI.
Company was registered/created IN 2024: If you start a business in the year 2024, then you have 90 calendar days after registration is confirmed. The 90 day countdown starts once the registration process has been completed and officially acknowledged.
Companies created on or after January 1, 2025: If you start a business in 2025 or onwards, the time to file the BOI shortens to 30 days from time of registration confirmation.
While it might seem daunting, the actual process for filing the BOI is actually fairly straightforward and only takes a few minutes to complete. In order to file, you have 3 options:
Do It Yourself: You can file the BOI yourself by going to the BOI E-Filing website at boiefiling.fincen.gov and selecting the "File BOIR" option.
Hire Us: Email us the businesses you want us to file the BOI for and we'll handle it all for you. If you are one of our monthly clients this is free.
Pay Fines: Yes, you can just leave it alone and do nothing about it and not file, but the law does allow the feds to fine you for not filing the report. Your choice 🙂
For any questions or additional information about the BOI requirements, you can refer to the FinCEN FAQ page https://www.fincen.gov/boi-faqs#B_2. This page can help you navigate through the filing process and answer your questions about the process and requirements to file your Beneficial Ownership Information.
Filing the Beneficial Ownership Information report ensures that your business adheres to federal requirements designed to enhance transparency. Non-compliance can result in penalties and legal issues, which can be detrimental to your company.
If you have any questions, feel free to reach out and schedule a call with me.