Federal Reporting Requirement for Beneficial Ownership Information (BOI) As of January 1, 2024, most U.S. corporations and LLCs must report information about their beneficial owners - the individuals who own or control the company - to the Financial Crimes Enforcement Network (FinCEN).
Filing is easy and free. You only need to submit your BOI once, unless updates or changes in ownership are made. You can file at Beneficial Ownership Information Reporting | FinCEN.gov. Who should file? · Most Corporations and LLCs must submit a BOI. · Sole proprietorships, general partnerships, and tax-exempt organizations do NOT need to submit a BOI. · Other exempt businesses are listed here: BOI Small Compliance Guide v1.1 (fincen.gov).
When should you file? · If you created or registered your business in 2023 or earlier, you have until January 1, 2025 to submit your BOI. · If you create or register your business during 2024, you have 90 days after receiving your registration notification to submit your BOI. · Starting in 2025, your BOI must be submitted within 30 days of registration. Watch for fraud! · The FinCEN web portal, Beneficial Ownership Information Reporting | FinCEN.gov, is the only legitimate place to submit your BOI. · Correspondence requesting payment to submit your BOI is fraudulent and should be discarded. · Correspondence that includes a QR code is fraudulent and should be discarded. · Correspondence that refers to “Form 4022” is fraudulent and should be discarded. · Correspondence that refers to “US Business Regulations Dept” is fraudulent and should be discarded.