BENEFITIAL OWNERSHIP REPORTING REQUIREMENTS

  Starting in 2024 many businesses will be required to file a NEW report with the Financial Crimes Enforcement Network (FinCEN) providing specified information regarding the entity’s “beneficial owners”. The Beneficial Ownership Information (BOI) report is part of the federal government’s anti-money laundering and anti-tax evasion efforts. 

The BOI report is a one-time filing requirement and only has to be updated if there are any changes, such as a change in address or ownership. There is no filing fee, and the report is relatively simple to complete online. 

Filing is required for all the entities you own or control, that are not exempt from filing. If you own multiple entities, a separate filing is required for each.  Most existing small businesses will be required to file the report by January 1, 2025, unless an exemption applies.

Penalties for not complying can result in criminal and civil penalties of $591 per day up to $10,000, and up to two years imprisonment.

Please be advised that the responsibility for the accurate and timely filing of this BOI report rests solely with your organization. As your accounting firm, we are committed to ensuring that you remain informed about regulatory changes that may affect your business. However, it's crucial to clarify that our services do not encompass assistance with the preparation, submission, or filing of the BOI report.