File the FINCEN BOI: Beneficial Ownership Information

December 26, 2024: Updated BOI News:

Updated as of December 26, 2024 (Most Current Status), the US Court of Appeals for the Fifth Circuit issued an order in Texas Top Cop Shop, Inc. et al. v. Garland et al., that effectively pauses beneficial ownership information (BOI) reporting requirements established by the Corporate Transparency Act (CTA)

Prior, The 12/03/2024 was overturned on 12/23/2024 by the Federal Court of Appeals, now shortly extending the filing date.

The law was challenged on 12/03/2024 in U.S. District Court for the Eastern District of Texas, Sherman Division, & a prelimary injuction to file the BOI was in effect.

Business Created prior to 01/01/2024 Deadline:

Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)

Business Created after to 01/01/2024 Deadline:

Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.

Get in compliance with FinCEN’s BOI Filing!

Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024

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What is FINCEN’s BOI Filing Requirement?

The Financial Crimes Enforcement Network (FinCEN) now requires many corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners to FinCEN. This information is being collected to combat illicit finance and increase transparency in corporate ownership.

Who is considered a beneficial owner?

A beneficial owner is any individual who ultimately owns or controls 25% or more of the company, or who exercises substantial control over the company.

Which companies are required to file a BOI report?

Generally, most companies formed in the United States, as well as foreign companies registered to do business in the United States, are required to file. Certain exceptions apply, such as for publicly traded companies and subsidiaries of larger companies that already report beneficial ownership information.

When are the deadlines for filing a BOI report?

Existing companies: Those created or registered before January 1, 2024, must file by January 1, 2025.
Newly created or registered companies in 2024: These companies have 90 calendar days to file after receiving notice of their creation or registration.
Companies created or registered after January 1, 2025: These companies must file within 30 calendar days of formation or registration.

How do I file a BOI report?

Filing is done electronically through FinCEN's website. It is free of charge. If you have difficulty Navigating or registering, Semper Tax Relief is able to file the BOI on your behalf!

What information is required in the BOI report?

The report requires the following information about each beneficial owner:

Full legal name
Date of birth
Current residential or business address
Unique identifying number from an acceptable identification document
A description of the nature and extent of the beneficial owner's ownership or control interest

What are the penalties for non-compliance?

Failure to file a BOI report can result in civil and criminal penalties.

How will the information be used?

The information will be used by law enforcement to combat illicit finance, such as money laundering, terrorism financing, and tax evasion.

Will the information be made public?

The information will not be made public, but it will be available to law enforcement agencies and certain financial institutions upon request.

Is my company exempt from FINCEN Beneficial Ownership Information reporting requirement?

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.