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BENEFICIAL OWNERSHIP INFORMATION REPORT
BENEFICIAL OWNERSHIP INFORMATION REPORT
The new FinCen rule requires all business owners to report their beneficial ownership information. Here’s what you need to know:
Companies registered before 2024 have until 2025 to file.
Companies registered in 2024 have 90 days after registration is effective.
Companies registered after 2025 have 30 days.
File your report at FinCen’s BOI E-Filing website by selecting “File BOIR.”
Interesting: 23 types of entities are exempt from this requirement.
Who is a beneficial owner?
Who is a beneficial owner?
A beneficial owner is anyone who controls at least 25% of the company or exercises substantial control over it.
Prepare your company’s contact info, EIN, and a copy of your ID for filing.
Acceptable IDs include:
a non-expired U.S. driver’s license,
U.S. state or local government ID,
U.S. passport, or
a foreign passport.
This is a one-time filing unless there are changes.
Penalties for non-compliance can be severe - up to $500 per day. In addition, willful violations can lead to criminal penalties, including up to two years imprisonment and a fine of up to $10,000.
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