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FinCEN Beneficial Ownership Information Reporting

Do you need to report?

If you’re a current business owner or planning to establish a company in 2024 or beyond, it’s vital to understand the new FinCEN BOI reporting requirements. Here’s everything you need to know.

What is FinCEN BOI Reporting?

Starting in 2024, the Financial Crimes Enforcement Network (FinCEN) mandates that most U.S. companies submit their beneficial ownership information (BOI). This requirement stems from the Corporate Transparency Act, designed to strengthen efforts against money laundering, terrorist financing, and other financial crimes. Non-compliance can result in significant penalties, including fines of $500 per day, up to a maximum of $10,000.

Who Needs to Report?

This new regulation affects a wide range of business entities, including:

  • Corporations
  • Limited liability companies (LLCs)
  • S-corporations
  • Limited liability partnerships (LLPs)
  • Other entities formed by filing documents with any U.S. State

Most for-profit businesses must comply unless they meet specific exemption criteria, which can be easily checked on the official FinCEN page.

Businesses Follow this Flowchart
Not-for-Profits Follow this Flowchart

How Can We Help with Your FinCEN Filing?

Our firm offers comprehensive support for filing your FinCEN report. Utilizing our specialized platform, FincenFetch, we streamline the process by securely gathering all necessary information. This ensures your report is accurate and submitted on time.

Important Deadlines

On December 23, 2025, FinCEN released an update communicating that all reporting companies must resume filing beneficial ownership information (unless otherwise noted) and the Department of the Treasury recognizes the challenges caused by the recent injunction, thus the following deadline extensions apply:

  • Pre-2024 Existing Companies: Companies created or registered before January 1, 2024, must file their initial beneficial ownership reports by January 13, 2025 (instead of the original January 1, 2025 deadline).
  • September 4 – December 23 newly-formed Companies: Companies created or registered on or after September 4, 2024, that had a filing deadline between December 3 and December 23, 2024, must file by January 13, 2025.
  • December 3 – 23 newly-formed Companies: Companies created or registered between December 3 and December 23, 2024, have an additional 21 days beyond their original filing deadline to submit their initial reports.
  • Disaster Relief: Companies qualifying for disaster relief may have deadlines beyond January 13, 2025; they should follow whichever deadline is later.

Beware of Scams

As the BOI reporting requirement takes effect, unscrupulous businesses are using public business information to send out advertisements that look like official notices. These materials often use official-looking logos and urgent language to pressure you into using their services—at inflated costs or for services you don’t need. See the image on the right for an example of what this could look like.

Here are some red flags to watch out for:

  • Unsolicited mail or email claiming immediate action is required.
  • Offers to file your BOI report at exaggerated prices.
  • Documents resembling government forms but lacking an official FinCEN logo or verification.

Reach out to us if you have questions or concerns about BOI reporting notices you’ve received.

Next Steps

To get started or learn more about our services, please contact us. Pricing for this service varies based on entity structure, the number of owners, and preparation time. Stay compliant and avoid penalties by ensuring your FinCEN BOI reporting is handled efficiently and accurately with our expert assistance.