Whether you own a business, or an entity created for estate planning or asset management, the new Beneficial Ownership Information (BOI) reporting may apply to you.

While the deadlines are approaching, there’s still time to file and avoid penalties.

 What You Need to Know

Who Must File:

Any entity formed in the U.S.—including businesses, LLCs, holding companies, and real estate entities—may be required to file, unless specifically exempt. It’s important to review all your entities, including older or inactive ones.

Information Needed to Report:

• Entity Information: Legal name, any DBAs, EIN, and details of all beneficial owners (those owning 25% or more or having substantial control).

• Beneficial Owner Information: Legal name, residential address (no P.O. boxes), date of birth, and a copy of an identifying document (e.g., driver’s license, passport).

Deadlines:

• Entities formed before January 1, 2024: Filing deadline is January 1, 2025.

• Entities formed after January 1, 2024: Must file within 90 days of formation.

Penalties for Non-Compliance:

Failure to file can result in penalties starting at $591 per day (adjusted for inflation) with a max of $10,000 per entity and possible criminal penalties for willful violations.

Filing Options:

• For complex structures: We recommend consulting with an attorney or CPA. Keep in mind they may face backlogs as the deadline nears, so it’s best to start early to avoid delays.

• File yourself: You can file directly on the FinCEN Website. We recommend reviewing their guides and resources beforehand.

• Additional Resource Links: FinCEN Intro BOI Reporting Requirement Video, BOI Small Entity Compliance Guide & Entity Exemptions 

We’re here to answer any general questions and can help connect you with professionals if needed.