Effective January 1, 2024, many small businesses are required to report information to FinCEN about individuals who ultimately own or control them.

 

Who is required to report under the BOI reporting requirement?

• All domestic and foreign entities that have filed formation or registration documents with a U.S. State or Indian tribe, unless they meet one of 23 enumerated exceptions (see https://www.fincen.gov/boi-faqs for a full list of exemptions).

When must companies file?

• Existing entities (created/registered before January 1, 2024) - must file by January 1, 2025
• New entities (created/registered in 2024) - must file within 90 days
• New entities (created/registered after December 31, 2024) - must file within 30 days
• Reporting companies that have changes to previously reported information or discover inaccuracies in previously filed reports - must file within 30 days

What are the penalties for noncompliance with the statue?

• Civil penalties are up to $500 per day that a violation continues
• Criminal penalties include a $10,000 fine and/or up to two years of imprisonment

Learn more about the requirements here: https://www.fincen.gov/boi