Beneficial Ownership Information (BOI) Reporting

Written By Stephen Dudley

What is Beneficial Ownership Information (BOI) Reporting?

Beneficial ownership information is a new reporting requirement in 2024 from the Financial Crimes Enforcement Network (FinCEN). The report is used in identifying information about the individuals who directly or indirectly own or control a company. The regulation is part of the Corporate Transparency Act signed into law in 2021 and the information is reported to the US Treasury.

Should I file a BOI for my company?

Yes, this report is required and regulated. Almost every LLC, partnership, s-corporation, and c-corporation should be filing before January 1, 2025.

There are some companies that are exempt from filing:

Securities reporting issuer, Governmental authority, Bank, Credit union, Depository institution holding company, Money services business, Broker or dealer in securities, Securities exchange or clearing agency, Other Exchange Act registered entity10Investment company or investment adviser1, Venture capital fund adviser, Insurance company, State-licensed insurance producer, Commodity Exchange Act registered entity, Accounting firm16Public utility, Financial market utility, Pooled investment vehicle, Tax-exempt entity, Entity assisting a tax-exempt entity, Large operating company, Subsidiary of certain exempt entities, Inactive entity

What Information needs to be reported?

  • Legal Name, Trade Names or Doing Business As (DBA)

  • Business address, location where business was formed

  • Taxpayer Identification Number

How to I file the Beneficial Ownership Information Report?

You can file on your own through the FinCEN BOI E-Filing website. Go to https://boiefiling.fincen.gov and select “File BOIR.” There is no fee for reporting the information on their website.

Can Dudley Tax & Financial Services, PLLC file the BOI for me?

Yes, but our recommendation is that you do it yourself as a business owner because it is an easy form to fill out and shouldn’t take longer than 10 minutes. If you would like us to handle it, we charge $200 per filing.

When is the Beneficial Ownership Information due?

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.

  • A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.

  • A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.

Who can access the information being reported?

FinCEN may permit access to the following for various reasons:

  • Federal agencies engaged in national security, intelligence, or law enforcement activity;

  • State, local, and Tribal law enforcement agencies with court authorization;

  • Officials at the Department of the Treasury;

  • Foreign law enforcement agencies, judges, prosecutors, and other authorities that submit a request through a U.S. Federal agency to obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement;

  • Financial institutions with customer due diligence requirements under applicable law (in order to facilitate compliance with those requirements); and

  • Federal functional regulators or other appropriate regulatory agencies that supervise or assess financial institutions with access to beneficial ownership information (in order to supervise such financial institutions’ compliance with customer due diligence requirements).

I still have more questions, where can I find answers?

Give Dudley Tax & Financial Services, PLLC a call at (479) 326-7444 or email us at dudleytaxfinancial@gmail.com. You can also visit the FinCEN FAQ’s for the BOI here: https://fincen.gov/boi-faqs#B_1

Stephen Dudley