Navigating BOI Reporting

If you registered your business with the Secretary of State of your state then you likely have to file a BOI Report with FinCEN.

 FinCEN BOI reporting is a new mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) in 2024. This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the government's efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024 and it is enforced by potential penalties including fines of $500 per day up to $10,000. 

Entities required to report under this regulation include corporations, limited liability companies, s-corps, LLPs, and other entities created by filing a document with any U.S. State. The majority of for-profit business entities will be required to file this report unless they qualify for an exemption.

See the list of exemption below or go directy to FinCEN.

Yes, our firm can file your report. Please reach out or reply to this email if you would like help with this mandatory filing. We use a specialized web platform, FincenFetch, to make this process easy for you. This platform will securely and quickly collect your filing information for our firm to let us complete your report.

1) Entities created before Jan. 1, 2024, will have until Jan. 1, 2025 to submit the report.

2) Entities created on or after January 1, 2024 and before Jan 1, 2025, will have 90 daysfrom creation or registration to submit the report.

3) Entities created on or after Jan. 1, 2025, will have 30 days from creation or registration to submit the report.

For more information or to get started, please contact our office.

There are 23 types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.

The following list summarizes the 23 exemptions:

1. Securities reporting issuer

2. Governmental authority

3. Bank

4. Credit union

5. Depository institution holding company

6. Money services business

7. Broker or dealer in securities

8. Securities exchange or clearing agency

9. Other Exchange Act registered entity

10. Investment company or investment adviser

11. Venture capital fund adviser

12. Insurance company

13. State-licensed insurance producer

14. Commodity Exchange Act registered entity

15. Accounting firm

16. Public utility

17. Financial market utility

18. Pooled investment vehicle

19. Tax-exempt entity

20. Entity assisting a tax-exempt entity

21. Large operating company

22. Subsidiary of certain exempt entities

23. Inactive entity