NEW REQUIRED FILING – BENEFICIAL OWNER INFORMATION REPORT (BOIR)
Why is this required?:
(Notice of obligation to submit New Corporate Financial Crime Enforcement Network(FinCEN))
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) requires beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.
If your business entity already existed on December 31, 2023 you are required to submit a Beneficial Owner Information Report (BOIR) to FinCEN by December 31, 2024. This is an administrative filing and NOT a tax form.
For new entities formed after January 1, 2024, there is a 90-day deadline to file this report after the date of formation.
If at any time you add or remove someone who meets the beneficial owner criteria, you have 30 days to file a BOIR updating the information on record.
How do I file the BOIR form?
You can go to the following site and file the necessary form. Below is a listing of information you will need to do so. (https://boiefiling.fincen.gov)
1. Official Entity Name as well as any formal DBA names
2. Tax ID/EIN
3. Official address
4. On the “Company Applicant” page, check the box for “existing applicant” if your entity existed on Dec 31, 2023.
5. For each beneficial owner (any individual with 25% or greater stock ownership or individuals with overall management responsibility for the entity)
a. Name
b. SSN
c. Address
d. DOB
e. Driver’s License or Passport information including a scanned image to upload
Who is required to file?
Entities that are required to submit this form include:
- Corporations
- S Corporations
- LLCs, PLLCs
- LLPs with formal creation documents
- Any other entities were formed by filing paperwork with a Department of State
There are 23 categories of organizations that are exempt which can be found here: https://www.fincen.gov/boi-faqs#C_2
If you need assistance, please contact the office .