BOI Reporting Reminder

Reminder! For companies established prior to January 1, 2024, BOI reporting must be submitted prior to January 1, 2025.

Beneficial Ownership Information (BOI) reporting is essential for compliance with regulations aimed at increasing transparency around ownership structures. Here’s what you need to know:

1. What is BOI Reporting?

BOI reporting requires companies to disclose information about their beneficial owners—individuals who ultimately own or control the company. This initiative is part of efforts to combat money laundering, terrorist financing, and other illicit activities.

2. Who is a Beneficial Owner?

A beneficial owner is typically defined as anyone who:

  • Directly or indirectly owns 25% or more of the company.
  • Exercises substantial control over the company, even if they own less than 25%.

3. Who Must Report?

  • Corporations, LLCs, and other legal entities are usually required to report.
  • Exemptions may apply to certain entities, such as banks and insurance companies.

4. What Information is Required?

Typically, you’ll need to provide:

  • Full name of each beneficial owner.
  • Date of birth.
  • Address.
  • A unique identifying number (like a passport or driver’s license number).

5. Reporting Timeline

  • A reporting company established or registered to conduct business before January 1, 2024, has until January 1, 2025, to submit its initial BOI report.
  • A reporting company established or registered in 2024 must file within 90 calendar of receiving actual or public notice of its effective creation or registration.
  • For a reporting company established or registered on or after January 1, 2025, the filing deadline is 30 calendar days following receipt of actual or public notice that its registration is effective.

6. Filing Process

Filing is completed electronically, through FinCEN’s BOI E-Filing website at, https://boiefiling.fincen.gov. Select “File BOIR” to access the reporting form.

7. Penalties for Non-Compliance

Failing to report or providing false information can lead to substantial fines or legal action. It’s crucial to stay compliant.

8. Updates and Changes

Maintain accurate records of your beneficial ownership information. This will help ensure compliance and facilitate future reporting. Be proactive about updating your BOI reports whenever there are changes in ownership or control to stay compliant.

Additional Resources

If you have questions or need assistance completing your BOI reporting, please reach out at 402-371-1160 and ask to speak with Dylan, Hannah or Maya.