Last week we shared information about the new BOI reporting requirement and given it’s extreme penalties for non-compliance, we want to send a condensed summary so you complete your reporting requirements.
The new reporting requirement is call BOI reporting.
It stands for beneficial ownership information.
The Financial Crimes Enforcement Network (FinCEN) ultimately wants to know who owns your company.
It’s easy reporting, but comes with steep penalties for non-compliance.
Here are answers to some of your biggest questions:
Do I have to report?
Most likely!
There are only 23 types of entities that are exempt from reporting and you can see the list here.
What if I don’t report?
Non-filing or providing false information has some of the steepest penalties I have seen.
It’s not a program to mess with.
Penalties are as steep as over $500 per day late and up to 2 years in prison…
For not letting them know who owns your company!!
Insane!
How do I file?
Luckily, it’s an easy form, you have to complete it by January 1, 2025, and you can complete it here.
Action Items:
- Check the exemption list to see if you qualify.
- Register your business with FinCEN.
- Reach out with any questions.
