BOI Reporting

If you own an LLC, S corporation, C corporation or know anyone who does please forward this information.

You may have heard about a new compliance requirement: FinCEN’s Beneficial Ownership Information reporting, also known as BOI reporting. BOI reporting is part of the Corporate Transparency Act (CTA)—legislation Congress passed to crack down on illegal activity, including money laundering, corruption, and tax fraud.

The purpose of beneficial ownership reporting is transparency. Information will be monitored by the Department of Treasury’s Financial Crime Enforcement Network (FinCEN) and used to prevent financial crimes like money laundering, corruption, and tax evasion.

Generally, if you have an LLC, S-Corporation, or partnership, you are required to file a BOI report with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). The report includes information on your business and the beneficial owner(s) of the company.

Businesses in existence as of January 1, 2024, must file their first report by January 1, 2025. Reporting companies formed after January 1, 2024, have 30 calendar days from the date they legally establish the business to file an initial report.Failing to submit a BOI report on time could result in civil and criminal penalties. The civil penalty is $500 per day, and criminal penalties include up to $10,000 in fines, up to two years in prison, or both. If you’d like to learn more about BOI Reporting.

I cannot file this report for you as my liability insurance prohibits it. This is why I have partnered with CorpNet to help business owners tackle this filing. They are charging my clients $99 to file it for you. To work with CorpNet, click on this link ,

https://www.corpnet.com/start-business/boi-reporting/?PID=12628

Or you can reach out directly to our relationship partner, Misty Hendricks, at MHendricks@corpnet.com and her Dedicated Account Coordinator Ashley Jones, at AJones@corpnet.com and they can help you out!

If you choose to file it yourself here’s the link to the BOI website Beneficial Ownership Information Reporting | FinCEN.gov

BOI Reporting

Related Links