If you have an established company or are planning on starting a new company in 2024 or beyond, please read this blog carefully.

What Is FinCEN BOI Reporting?

BOI (Beneficial Owner Information) reporting is a new, mandatory, NEW business filing requiring most U.S. companies to submit their BOI to the Financial Crimes Enforcement Network (FinCEN) in 2024. The BOI 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 is enforced by potential penalties including fines of $500 per day, up to $10,000.

Who Is Affected?

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.

Find out if you have an exemption HERE.

Can We File Your FinCEN report?

Yes, our firm can file your report. Please email [email protected] 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 assist us in completing your report.

When are the Filing Dates?

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

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

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

What next steps should I take?

For more information or to get started, please contact [email protected]

Pricing for this service will be $400 per reporting entity + $25 per beneficial owner. If a beneficial owner has multiple reporting entities, a discount of $100 will be given for each additional reporting entity.