FinCEN, or the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury. Its' mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.
What does this mean for you?
New federal reporting requirements beginning January 1, 2024 requires all business entities to file a report called the beneficial ownership information form, or the BOI form.
Who qualifies as a reporting company?
A corporation, LLC, or any entity filed with the Secretary of State or any similar office under the law of a State or Indian Tribe
OR
A foreign company and is registered to do business in any US State or Indian Tribe buy such a filing
When to file the BOI
Entity created or registered prior to Jan 1 2024 DEADLINE Jan 1 2025
If your company was created within 2024, you have 90 calendar days from the date of receiving notice that your company registration or creation is active
After Jan 1 2025, you will have 30 days from receiving notice that your company registration is active
The BOI only needs to be filed once, or when there are any updates or changes to be made to any previously filed BOI.
Navigating federal and state reporting requirements is often difficult and confusing. Let us take that on and get it done right – the first time. Fill out the form below and we’ll get back to you within 24-48 hours.
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