Everything you need to know about Beneficiary Ownership Information (BOI)

In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them. Learn more about BOI.

Effective January 1, 2024, certain companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a U.S. Department of the Treasury bureau. ?Read the BOI compliance guide to see if your organization needs to file.

Filing Deadlines

Depending on when your company was incorporated, there are certain deadlines for filing your BOI report.

• If your company existed before January 1, 2024, the deadline for filing the initial beneficial ownership information report is January 1, 2025.
• If your company was created or registered between January 1, 2024, and January 1, 2025, the initial report must be filed within 90 calendar days after receiving notice of the effective creation or registration. This deadline commences either upon the company’s actual notice or after a secretary of state or similar office publicly announces its creation or registration, whichever occurs earlier.
• If your company was created or registered on or after January 1, 2025, the initial beneficial ownership information report must be filed within 30 calendar days after receiving notice of the effective creation or registration. A reporting company created or registered before January 1, 2024, must file BEFORE? January 1, 2025.? More details here.

Penalties for violation

Under the Corporate Transparency Act, individuals who willfully violate Beneficial Ownership Information (BOI) reporting requirements can incur civil penalties of up to $500 per day, adjusted annually for inflation (currently $591). They may also face criminal penalties, including up to two years in prison and fines up to $10,000. Violations include failing to file a BOI report, submitting false information, or not updating previously reported information.

Filing is simple and free of charge!

Filing is simple, secure, and free of charge. BOI reporting is not an annual requirement. Unless a company needs to update or correct information, a report must only be submitted once. ?Click here to register and file. Watch the 5-minute demo on how to get started with registering your company with FinCEN.

If you have questions, then please visit the ?FinCEN FAQ page.

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