What is the New BOI Requirement?
The Beneficial Ownership Information Requirement went into effect January 1st 2024 under the Corporate Transparency Act. Those required to file must file by December 31, 2024 or face fines of up to $500 a day. Basically, the federal government wants to know who is behind each company registered in the United States in order to combat money laundering and other crimes operating through shell companies.
Who Has to File?
Corporations, LLCs or companies created by filing a document with the secretary of the state are required to file if they do not qualify for an exemption. Initial filing is required by December 31st, 2024. After that BOI filings only need done if there is a change to the BOI information, but need to be completed within 30 calendar days.
How Do I File?
Those required to file can do so electronically on FinCEN’s website, www.fincen.gov/boi. Or you can outsource filing to your lawyer, accountant, or bookkeeper if they offer the service.
To learn more about BOI filing visit FinCEN’s website, www.fincen.gov/boi