What is “Beneficial Ownership Information” reporting, and why do I care?

Beneficial Ownership Information reporting is a crucial mandate impacting over 30 million businesses in 2024. Discover why organizations must take heed and comply with this new federal law. Learn about filing deadlines, exemptions, and the potential penalties for noncompliance.

Beneficial Ownership Information (“BOI”) reporting is a new federal law requirement estimated to impact more than 30 million businesses as soon as January 1, 2024. In general, any entity, domestic or foreign, created by filing a document with a secretary of state (or equivalent state office) will be required to file a BOI report. Unlike a lot of government requirements, BOI reporting targets small businesses.

If you are a small business owner, there is a likelihood that your business is subject to BOI reporting. BOI reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN), another agency of the Department of Treasury. Penalties for willful noncompliance may result in criminal and civil penalties of $500 per day and up to $10,000 with up to two years of jail time.

Entities subject to BOI reporting requirements, called “reporting companies,” must file reports identifying (1) the beneficial owners of the entity, and, in some instances, (2) the individuals who have applied with specified governmental authorities to form the entity or register it to do business (“company applicants”).

What type of information must be reported?

A reporting company will be required to report the following information about its beneficial owners and company applicants: the individual’s name, date of birth, address, and an identifying number from an acceptable identification document, such as a passport or U.S. driver’s license, as well as the name of the issuing state or jurisdiction. A copy of the identification document must also be provided.

 Let Us Help You File Your BOI

Avoid errors and make sure to file on time by letting us help you file your BOI. We charge a flat fee of $100 and we will keep you updated throughout the process, just follow this simple steps:

1. Click "Make Payment" below and complete payment.
2. Once payment is complete you will be re-directed to the BOI form.
3. Fill out the form and submit a photo of your ID.
4. We will take care of everything else.

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