Mandatory Federal Reporting of BOI Information

New Federal Reporting Requirements for Beneficial Ownership Information Applies to All Companies

Every company is required to do a federal reporting of all beneficial owners. The reporting depends upon when your company was first set up. Your company must complete the Beneficial Ownership Information (BOI) Reporting by January 1, 2025 if you were incorporated prior to January 1, 2024 in compliance with the Corporate Transparency Act. If you incorporated after January 1, 2024, you must report within 90 days of the date of incorporation, and companies incorporated after January 1, 2025 must report within 30 days after incorporation. FAILURE TO DO SO MAY RESULT IN PENALTIES.  Individuals who own or control a company, including those owning more than 25%, senior officers like CFO, CEO, President and Treasurer, board members, those with the ability to hire or fire, and anyone who exerts substantial control should be disclosed. The reporting is only done once unless there is a change to any beneficial owner information. Any changes must be reported within 30 days. To complete the BOI reporting, visit www.fincen.gov/boi. Copies of each of all beneficial owners’ driver’s licenses will need to be uploaded to complete the reporting process. 

If you require assistance with your BOI reporting, we offer a Zoom conference where we will assist in completely the reporting for $150. Please let us know if you require our assistance and we will schedule a Zoom to complete the process. If you complete the BOI reporting yourself or through your accountant, please provide us with the BOI filing receipt for our records so we have documentation in your company records that you timely completed your BOI reporting.