Corporations, LLCs, and LPs are required to complete and file a Beneficial Ownership Information Report (BOIR) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This is a filing required by the Corporate Transparency Act (CTA) and is in effect as of January 1, 2024. This act requires certain entities including corporations, LLCs, and LPs to file a BOI report with the FinCEN office upon establishing the business or upon any changes in the business.

Please take a few moments to read about the act. You can access the BOI information system by clicking here. When you are ready to file, you can access the electronic filing system by clicking here. You will need to carve out about 45 to 60 minutes and have the following items ready:

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• General information about your business including your EIN number

• Owners’ information including social security numbers and percentage of ownership

• Scanned copies of each owner’s driver’s license that can be uploaded with the form

 

Please let us know if you have any questions. If you would like, we can file this form on your behalf and the charge would be $175. You only need to file the form one time unless your business changes. Upon any changes, you have 30 days to upload a new BOI form indicating the changes.

The CTA makes it unlawful for any person to willfully provide false or fraudulent beneficial ownership information to FinCEN, or to willfully fail to report complete or updated beneficial ownership information. The CTA states that a person violating the BOI reporting obligation shall be liable for a civil penalty of up to $500 for each day a violation continues or has not been remedied, up to $10,000, and imprisoned for up to two years.​

We are happy to help. If you are a current business client, let us know when you have completed this filing or if you would like us to complete the filing on your behalf. If you chose to file on your own, please provide us a copy of the completed filing along with your filing confirmation.