{"id":7598,"date":"2024-11-09T13:24:55","date_gmt":"2024-11-09T13:24:55","guid":{"rendered":"https:\/\/finderica.com\/beneficial-ownership-information-boi-reporting-requirements-for-small-businesses\/"},"modified":"2024-11-09T13:24:55","modified_gmt":"2024-11-09T13:24:55","slug":"beneficial-ownership-information-boi-reporting-requirements-for-small-businesses","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=7598","title":{"rendered":"Beneficial Ownership Information (BOI) Reporting Requirements for Small Businesses"},"content":{"rendered":"<div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Millions of small-business owners are impacted by the Jan. 1, 2025 deadline for beneficial ownership information (BOI) reporting under the Corporate Transparency Act<\/span><button type=\"button\" aria-expanded=\"false\" aria-controls=\"nw-aria-ssr-5-1-1\" aria-haspopup=\"dialog\" data-currency=\"PopoverDisclosure\" class=\"_19GC0z\"><span class=\"_1Z-QXc\" aria-hidden=\"true\"><\/span><span class=\"_21EZtY _28z5Fp _2JIHTU vLzrnO\" data-currency=\"Link\" target=\"_self\"><sup>[0]<\/sup><\/span><\/button><span id=\"nw-aria-ssr-5-1-1\" hidden=\"\" style=\"display:none;position:fixed;left:100%;top:100%\" role=\"dialog\" tabindex=\"0\" data-dialog=\"true\" class=\"_2Dnq6l\"><span style=\"font-size:30px;width:1em;height:1em;pointer-events:none;bottom:100%\" class=\"_3extVD _3iD5Ia\" aria-hidden=\"true\"><\/span><\/span><span class=\"_28z5Fp _3-to_p\">. The Corporate Transparency Act aims to prevent illegal activities (e.g. money laundering, fraud, funding terrorism) by requiring businesses to disclose which individuals own their companies.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Affected businesses must submit a BOI report on the Financial Crimes Enforcement Network (FinCEN) website by Jan. 1, 2025. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Wondering what action your small business needs to take? Below, we\u2019ll review which businesses are beholden to BOI reporting, what the requirements entail and how to file a report.<\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"what-is-beneficial-ownership-information\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">What is beneficial ownership information?<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Beneficial ownership information is identifying details (name, date of birth, address, passport or driver\u2019s license number) about individuals who own or control a company. You may be a beneficial owner if you directly or indirectly exercise \u201csubstantial control\u201d over, or own or control at least 25% interest in a business.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">According to FinCEN, you may exercise substantial control over a company if you fall into any of the following categories:<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">You\u2019re a senior officer. <\/span><\/span><span class=\"_28z5Fp _3-to_p\">This may include roles<\/span><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"> <\/span><\/span><span class=\"_28z5Fp _3-to_p\">such as company president, CEO, chief financial officer, general counsel, chief operating officer or any other officer that performs a similar function.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">You have appointment or removal authority. <\/span><\/span><span class=\"_28z5Fp _3-to_p\">This means you can appoint or remove any senior officer or a majority of the board of directors (or similar body).<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">You\u2019re an important decision-maker for the company.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> You direct, determine or have influence over important decisions about the company\u2019s business, finances and structure.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\"><\/ul>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"who-has-to-file-a-boi-report\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">Who has to file a BOI report?<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">FinCEN refers to businesses that need to file a beneficial ownership information report as reporting companies. Your business may be a reporting company if it\u2019s:<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">A corporation, <\/span><span class=\"_28z5Fp _3-to_p\">limited liability company<\/span><span class=\"_28z5Fp _3-to_p\"> or other entity created by filing a document with a secretary of state or any similar office in the U.S. (or in one of its territories).<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">A foreign company (including corporations and LLCs) that\u2019s registered to do business in the U.S. through official filings.<\/span><\/p>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Additionally, there are 23 types of businesses that are exempt from BOI reporting requirements, including certain publicly traded companies, many nonprofits and some financial institutions, among others<\/span><button type=\"button\" aria-expanded=\"false\" aria-controls=\"nw-aria-ssr-5-8-1\" aria-haspopup=\"dialog\" data-currency=\"PopoverDisclosure\" class=\"_19GC0z\"><span class=\"_1Z-QXc\" aria-hidden=\"true\"><\/span><span class=\"_21EZtY _28z5Fp _2JIHTU vLzrnO\" data-currency=\"Link\" target=\"_self\"><sup>[0]<\/sup><\/span><\/button><span id=\"nw-aria-ssr-5-8-1\" hidden=\"\" style=\"display:none;position:fixed;left:100%;top:100%\" role=\"dialog\" tabindex=\"0\" data-dialog=\"true\" class=\"_2Dnq6l\"><span style=\"font-size:30px;width:1em;height:1em;pointer-events:none;bottom:100%\" class=\"_3extVD _3iD5Ia\" aria-hidden=\"true\"><\/span><\/span><span class=\"_28z5Fp _3-to_p\">. The previously mentioned Small Entity Compliance Guide breaks down all 23 categories to help you determine whether your business meets one of the exemptions.<\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"what-information-is-required-for-boi-reporting\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">What information is required for BOI reporting?<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">If your business qualifies as a reporting company, you\u2019ll need to complete and submit a BOI report through the FinCEN website. As part of this report, you\u2019ll need to provide details about your company and its beneficial owner, including:<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Beneficial owners information<\/span><\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Identifying number from an acceptable identification document (such as a passport or U.S. driver\u2019s license) and name of the issuing state or jurisdiction of that document.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Image of the document used to obtain the identifying number.<\/span><\/p>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">If your business was created or registered on or after Jan. 1, 2024, you\u2019ll also need to provide information about company applicants. A company applicant is an individual who directly files (or is primarily responsible for filing) the document that creates or registers your company. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">For example, if you worked with a <\/span><span class=\"_28z5Fp _3-to_p\">startup lawyer<\/span><span class=\"_28z5Fp _3-to_p\"> to draft and submit your formation paperwork, that individual would be considered a company applicant.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">You\u2019ll need to submit the same information for company applicants as is required for beneficial owners. <\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"when-to-file-a-boi-report\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">When to file a BOI report<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The deadline for meeting the BOI reporting requirement varies based on when your business was created or registered to do business:<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<div>\n<div class=\"_1cuN9-\">\n<div class=\"_2pPuG4\">\n<div vocab=\"https:\/\/schema.org\/\" typeof=\"Table\"><meta property=\"about\" content=\"Table 16458\"><\/p>\n<table class=\"_2IadDu mKU3h6\" aria-label=\"Table 16458\" tabindex=\"0\">\n<tbody>\n<tr class=\"_3JPvLN\">\n<td class=\"_1ieTZs\">\n<div class=\"_3wlVa6 _2247K8 _3eCw6n\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Business creation or registration date<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td class=\"_1ieTZs\"><\/td>\n<\/tr>\n<tr class=\"_3JPvLN _12EOjr\">\n<td class=\"_1ieTZs _12EOjr\"><\/td>\n<td class=\"_1ieTZs _12EOjr\"><\/td>\n<\/tr>\n<tr class=\"_3JPvLN\">\n<td class=\"_1ieTZs\">\n<div class=\"_3wlVa6 _2247K8 _3eCw6n\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Jan. 1, 2024 to Dec. 31, 2024<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td class=\"_1ieTZs\">\n<div class=\"_3wlVa6 _2247K8 _3eCw6n\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">90 calendar days after receiving actual or public notice that creation\/registration is effective.<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr class=\"_3JPvLN _12EOjr\">\n<td class=\"_1ieTZs _12EOjr\"><\/td>\n<td class=\"_1ieTZs _12EOjr\">\n<div class=\"_3wlVa6 _2247K8 _3eCw6n\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">30 calendar days after receiving actual or public notice that creation\/registration is effective.<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div data-currency=\"Columns\" class=\"_1LKquO _3LOQui _2DPHJa _1GWeNp _2XlutV _2ctG-Y _1sDoBL _2TtTbq _3UifXY\">\n<div data-currency=\"Column\" class=\"_3LOQui _9jyWdf _1r_py0 _33JiRF _2F9T-X _1xbdug _2Ru-tk _1M3A6J\" style=\"grid-column-start:\">\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">\u2757FinCEN has extended the filing deadlines to submit BOI reports for certain businesses that have been affected by Hurricanes Milton, Helene, Debby, Beryl and Francine. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">If your company is located in an area impacted by one of these disasters, you can refer to the <\/span><a class=\"_28z5Fp _2JIHTU vLzrnO _3mJuQ4\" href=\"https:\/\/fincen.gov\/boi\/newsroom\" data-currency=\"Link\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span class=\"_28z5Fp _3-to_p\">FinCEN hurricane notices<\/span><\/a><span class=\"_28z5Fp _3-to_p\"> for more information.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"how-to-file-a-boi-report\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">How to file a BOI report<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">You submit a BOI report through <\/span><a class=\"_28z5Fp _2JIHTU vLzrnO _3mJuQ4\" href=\"https:\/\/boiefiling.fincen.gov\/\" data-currency=\"Link\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span class=\"_28z5Fp _3-to_p\">FinCEN&#8217;s website<\/span><\/a><span class=\"_28z5Fp _3-to_p\">. You can complete your report as a PDF or you can use FinCEN\u2019s online system. There\u2019s no charge to file a report through FinCEN.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">If you choose to complete your report as a PDF, you\u2019ll need access to Adobe Reader. You download the PDF BOI report file, input your information and upload the final product to the FinCEN website. If you use the online system, on the other hand, you\u2019ll simply follow the prompts, provide your information and submit the form.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">After you submit the BOI report (using either method), you\u2019ll have the ability to download a copy and receive a confirmation of receipt. If at any time you need to make an update to or correct your report, you\u2019ll be able to follow the same steps to submit an amended version.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">You also have the option to work with a third-party service provider, such as LegalZoom or <\/span><span class=\"_28z5Fp _3-to_p\">ZenBusiness<\/span><span class=\"_28z5Fp _3-to_p\"> to submit your beneficial ownership information report. These companies will likely charge you a fee to complete and file your report, as well as manage any changes on your behalf. <\/span><\/p>\n<\/div>\n<div class=\"_3wlVa6 _2247K8\">\n<div class=\"_3wlVa6 _2247K8\"><span class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\">Frequently asked questions<\/span><\/p>\n<div class=\"_3wlVa6 _2247K8 _2_3eV4 ebRntp\">\n<div class=\"_3wlVa6 _2247K8 _2_3eV4 _2xadhC\"><span class=\"_3VmbAf _28z5Fp _30Elz0\" aria-expanded=\"false\" role=\"button\" tabindex=\"0\"><\/p>\n<div class=\"_3wlVa6 _2247K8 PIqV0k _1hjp6k _2lZbKL _2vcpA4 _1TDqyw va-3n-\">\n<div class=\"_3wlVa6 _2247K8\">\n<p>Who will have access to my beneficial ownership information?<\/p>\n<\/div>\n<p><svg viewbox=\"0 0 16 16\" aria-hidden=\"true\" class=\"_2VV_pT _3wDFNi _2ulGkX\" fill=\"currentcolor\" focusable=\"false\" style=\"font-size:1.3em;min-width:1em\"><path d=\"M7.557 10.854a.5.5 0 00.707 0l4.59-4.59a.5.5 0 00-.708-.707l-4.239 4.24-4.244-4.245a.498.498 0 10-.704.704l4.598 4.598z\"><\/path><\/svg><\/div>\n<p><\/span><\/p>\n<div class=\"ReactCollapse--collapse\" style=\"overflow:hidden;height:0\">\n<div class=\"ReactCollapse--content\">\n<div class=\"_3wlVa6 _2247K8 SzYNMH\">\n<div class=\"_3wlVa6 _2247K8\">\n<div class=\"_3wlVa6 _2247K8\">\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The goal of beneficial ownership reporting is to make it more difficult for individuals to hide illegal activities through shell companies or other opaque ownership structures. As a result, FinCEN may give beneficial ownership information access to:<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Federal agencies engaged in national security, intelligence or law enforcement activity;<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">State, local and Tribal law enforcement agencies with court authorization;<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Officials at the Department of the Treasury;<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Foreign law enforcement agencies and other authorities that submit a request through a U.S. Federal agency to obtain the information for authorized activities related to national security, intelligence and law enforcement;<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Among other regulatory agencies.<\/span><\/p>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">FinCEN stores beneficial ownership information in a secure, non-public database.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"_3wlVa6 _2247K8 _2_3eV4 _2xadhC\"><span class=\"_3VmbAf _28z5Fp _30Elz0\" aria-expanded=\"false\" role=\"button\" tabindex=\"0\"><\/p>\n<div class=\"_3wlVa6 _2247K8 PIqV0k _1hjp6k _2lZbKL _2vcpA4 _1TDqyw va-3n-\">\n<div class=\"_3wlVa6 _2247K8\">\n<p>What happens if I don\u2019t file a BOI report?<\/p>\n<\/div>\n<p><svg viewbox=\"0 0 16 16\" aria-hidden=\"true\" class=\"_2VV_pT _3wDFNi _2ulGkX\" fill=\"currentcolor\" focusable=\"false\" style=\"font-size:1.3em;min-width:1em\"><path d=\"M7.557 10.854a.5.5 0 00.707 0l4.59-4.59a.5.5 0 00-.708-.707l-4.239 4.24-4.244-4.245a.498.498 0 10-.704.704l4.598 4.598z\"><\/path><\/svg><\/div>\n<p><\/span><\/p>\n<div class=\"ReactCollapse--collapse\" style=\"overflow:hidden;height:0\">\n<div class=\"ReactCollapse--content\">\n<div class=\"_3wlVa6 _2247K8 SzYNMH\">\n<div class=\"_3wlVa6 _2247K8\">\n<div class=\"_3wlVa6 _2247K8\">\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">If you neglect to meet your BOI reporting requirements, you may be subject to civil and criminal penalties. You may face a fine of up to $500 (adjusted annually for inflation) for each day you\u2019re in violation of the requirements. You may also be subject to up to two years in prison and a fine of up to $10,000.<\/span><\/p>\n<\/div>\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">These penalties also apply to anyone who knowingly files false beneficial ownership information or knowingly fails to correct or update previously reported information.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"_3wlVa6 _2247K8 _2_3eV4 _2xadhC\"><span class=\"_3VmbAf _28z5Fp _30Elz0\" aria-expanded=\"false\" role=\"button\" tabindex=\"0\"><\/p>\n<div class=\"_3wlVa6 _2247K8 PIqV0k _1hjp6k _2lZbKL _2vcpA4 _1TDqyw va-3n-\">\n<div class=\"_3wlVa6 _2247K8\">\n<p>Do I have to file a BOI report every year?<\/p>\n<\/div>\n<p><svg viewbox=\"0 0 16 16\" aria-hidden=\"true\" class=\"_2VV_pT _3wDFNi _2ulGkX\" fill=\"currentcolor\" focusable=\"false\" style=\"font-size:1.3em;min-width:1em\"><path d=\"M7.557 10.854a.5.5 0 00.707 0l4.59-4.59a.5.5 0 00-.708-.707l-4.239 4.24-4.244-4.245a.498.498 0 10-.704.704l4.598 4.598z\"><\/path><\/svg><\/div>\n<p><\/span><\/p>\n<div class=\"ReactCollapse--collapse\" style=\"overflow:hidden;height:0\">\n<div class=\"ReactCollapse--content\">\n<div class=\"_3wlVa6 _2247K8 SzYNMH\">\n<div class=\"_3wlVa6 _2247K8\">\n<div class=\"_3wlVa6 _2247K8\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">No, beneficial ownership information reporting is not an annual requirement. You\u2019ll only need to submit a report once, unless you need to update or correct information.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"_3wlVa6 _2247K8\">\n<div class=\"_3wlVa6 _2247K8\" style=\"display:none\">\n<p>Who will have access to my beneficial ownership information?<\/p>\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\">The goal of beneficial ownership reporting is to make it more difficult for individuals to hide illegal activities through shell companies or other opaque ownership structures. As a result, FinCEN may give beneficial ownership information access to:<\/p>\n<ul>\n<li>\n<p class=\"_28z5Fp _3-to_p\">Federal agencies engaged in national security, intelligence or law enforcement activity;<\/p>\n<\/li>\n<li>\n<p class=\"_28z5Fp _3-to_p\">State, local and Tribal law enforcement agencies with court authorization;<\/p>\n<\/li>\n<li>\n<p class=\"_28z5Fp _3-to_p\">Officials at the Department of the Treasury;<\/p>\n<\/li>\n<li>\n<p class=\"_28z5Fp _3-to_p\">Foreign law enforcement agencies and other authorities that submit a request through a U.S. Federal agency to obtain the information for authorized activities related to national security, intelligence and law enforcement;<\/p>\n<\/li>\n<li>\n<p class=\"_28z5Fp _3-to_p\">Among other regulatory agencies.<\/p>\n<\/li>\n<\/ul>\n<p class=\"_28z5Fp _3-to_p\">FinCEN stores beneficial ownership information in a secure, non-public database.<\/p>\n<\/div>\n<\/div>\n<div class=\"_3wlVa6 _2247K8\" style=\"display:none\">\n<p>What happens if I don\u2019t file a BOI report?<\/p>\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\">If you neglect to meet your BOI reporting requirements, you may be subject to civil and criminal penalties. You may face a fine of up to $500 (adjusted annually for inflation) for each day you\u2019re in violation of the requirements. You may also be subject to up to two years in prison and a fine of up to $10,000.<\/p>\n<p class=\"_28z5Fp _3-to_p\">These penalties also apply to anyone who knowingly files false beneficial ownership information or knowingly fails to correct or update previously reported information.<\/p>\n<\/div>\n<\/div>\n<div class=\"_3wlVa6 _2247K8\" style=\"display:none\">\n<p>Do I have to file a BOI report every year?<\/p>\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\">No, beneficial ownership information reporting is not an annual requirement. You\u2019ll only need to submit a report once, unless you need to update or correct information.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.nerdwallet.com\/article\/small-business\/boi-reporting-requirements\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millions of small-business owners are impacted by the Jan. 1, 2025 deadline for beneficial ownership information (BOI) reporting under the Corporate Transparency Act[0]. The Corporate Transparency Act aims to prevent illegal activities (e.g. money laundering, fraud, funding terrorism) by requiring businesses to disclose which individuals own their companies. Affected businesses must submit a BOI report<\/p>\n","protected":false},"author":1,"featured_media":7599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[195],"tags":[2293,1998,876,985,2294,1579,1839,984],"class_list":{"0":"post-7598","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-beneficial","9":"tag-boi","10":"tag-businesses","11":"tag-information","12":"tag-ownership","13":"tag-reporting","14":"tag-requirements","15":"tag-small"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/7598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7598"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/7598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/7599"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}