2024 BOI Filing: What Small Businesses Need to Know Before January 1

The start of a new year often brings new requirements, and for 2024, the Beneficial Ownership Information (BOI) filing is one that many business owners will need to address. The BOI requirement aims to provide transparency on business ownership to help prevent fraud and money laundering. Here’s what you need to know to meet the January 1 filing deadline.

What is the BOI Filing?

The BOI filing, now required by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), requires certain small businesses to disclose their beneficial owners.?A beneficial owner?is defined as an individual who directly or indirectly owns or controls at least 25% of the business, or who exercises substantial control over the company.

This reporting helps ensure transparency, accountability, and security across the financial system.

Who Needs to File?

The BOI requirement applies to many businesses, including corporations, limited liability companies (LLCs), and similar entities created or registered in the United States. However, certain entities, like larger publicly traded companies, are exempt from filing. If you’re unsure about your company’s requirement to file, feel free to reach out to us—we’re here to help.

How and Where to File

Filing the BOI report is straightforward, and FinCEN has provided an online portal to streamline the process. Here’s how you can file:

1. Visit the FinCEN Filing Portal: You can access the BOI filing portal at?FinCEN’s?website. The portal is designed to make it easy to submit your information securely online.
2. Gather Your Information: Be prepared to provide the following details:
3. Submit Your BOI Filing by January 1: Once you have all required information, you’ll be able to complete and submit the form online. Be sure to file by the deadline to avoid potential penalties.

Why This Matters

Non-compliance with the BOI requirement can lead to fines and penalties, so it’s essential to meet the filing deadline. Submitting your BOI report also ensures your business remains in good standing and fully compliant with federal regulations.

Need Help?

If you have questions about the BOI filing requirement or need assistance gathering the necessary information, please reach out to us. We’re here to support you and make this new filing process as seamless as possible.

Let’s make sure your business is set for a compliant and successful start to 2024!