All You Need to Know about FinCEN and the BOI

Published on 3 May 2024 at 15:17

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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