Have You Filed Your Beneficial Ownership Information Report (BOI) With Financial Crimes Enforcement Network (FINCEN) Yet?

This is a friendly reminder to determine if you have a filing requirement and to file the report online at fincen.gov/boi by December 31, 2024.

Effective January 1, 2024, the Corporate Transparency Act requires certain entities doing business in the United States, including many small businesses, to report information about the individuals who ultimately own or control them (beneficial owners) to FinCEN. Following are some of the main factors:

• Companies that have a filing requirement with a Secretary of State's office are reporting companies
• If formed before January 1, 2024, you must file your initial BOI report by December 31, 2024
• If formed after December 31, 2023, you must file your initial BOI report within 90 days of formation or registration
• If formed after January January 1, 2024, you must file your initial BOI report within 30 days of formation or registration
• 23 types of entities are exempt from reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies
• A beneficial owner is an individual who controls at least 25% of a company or who exercises substantial control over it
• Beneficial ownership information reporting is NOT an annual requirement. However, you must file an amended BOI report within 30 days of any changes to the original report

Please refer to FinCEN's website for reference materials, frequently asked questions and a helpful Video Demo for How to File.