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Understanding FinCEN BOI Reporting: A Crucial Update for Business Owners

July 23, 2024
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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.

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

  • For entities created before January 1, 2024: The deadline to submit the report is January 1, 2025.
  • For entities created between January 1, 2024, and December 31, 2024: Reports must be filed within 90 days of creation or registration.
  • For entities created on or after January 1, 2025: Reports are due within 30 days of creation or registration.

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. Reach out today!

Learn How YHB Can Help

About the Author

Nick Preusch, CPA, JD, LLM

Nick’s expertise includes helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues. He has used his tax expertise not only to serve his clients, but also his peers. He has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure and co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomas Reuters. 

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