BOI Reporting: Who Needs to File, What Information is Required, and When?
This blog post provides a summary of the beneficial ownership information reporting requirements for businesses. It discusses who must report, what information needs to be reported, and the deadline for filing reports.
Who Must Report
The beneficial ownership information reporting requirements apply to certain businesses, including corporations, limited liability companies, and other similar entities. Generally, a business must report if it has one or more owners who hold 25% or more of the ownership interest in the business.
What Information Needs to Be Reported
The following information must be reported for each beneficial owner:
• Name
• Date of birth
• Address
• Social Security number (if a U.S. citizen or resident)
• Driver's license number (if not a U.S. citizen or resident)
• Passport number (if not a U.S. citizen or resident)
Exemptions
There are a few exemptions to the reporting requirements. For example, businesses that are publicly traded on a major stock exchange are exempt from reporting.
Deadline for Filing Reports
The deadline for filing beneficial ownership information reports depends on when your business was formed:
A reporting company created or registered prior to January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
A reporting company created or registered in 2024, must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
A reporting company created or registered on or after January 1, 2025, must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.
FinCEN
The Financial Crimes Enforcement Network (FinCEN) is the agency responsible for collecting and storing beneficial ownership information. They offer a helpful Small Entity Compliance Guide to walk you through the process https://www.fincen.gov/boi.
In addition to FinCEN's resources, we've also created a short video specifically designed to help our clients navigate the BOI report form.
The information contained in this post is for educational purposes only and should not be construed as legal advice. For specific legal matters, please consult with a qualified attorney.
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