New Filing Requirement by 12/31/24 for Many Small Businesses
5/30/2024
Who Must File – Most companies who were formed by filing a document with a secretary of state (i.e. corporation, LLC, etc.) will need to file. Certain entities are exempt from the reporting requirements. Please see the FinCEN BOI website for a list of exemptions. https://www.fincen.gov/frequently-asked-questions.
How to File – Companies complete their filing online on the FinCEN BOI website https://www.fincen.gov. Companies must provide basic information regarding their owners (name, address, identification, etc.).
When to File – For companies in existence prior to 2024, the filing is due by January 1, 2025. For companies formed January 1, 2024, or later, the filing is due 90 days after the entity was formed. Additionally, if there is a change in the information previously reported, an updated report must be filed within 30 days of knowledge of the change(s). Please note that the penalties for willfully failure to file can be significant ($500 per day penalty and up to $10,000 additional fine and up to 2 years of imprisonment).
If you have any questions regarding this new reporting requirement and how it may affect your business, please refer to the FinCEN BOI website or contact legal counsel for assistance.
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