FinCEN BOI Requirements
Perhaps you’ve heard. Perhaps this is news to you. Sept 30th 2022, FinCEN finalized a new Reporting Rule which implements Section 6403 of the Corporate Transparency Act.
What??? What does that mean?
In short, there are new rules that require most businesses to file a Beneficial Ownership Information (BOI) report with FinCEN starting 1/1/2024. If your business is required to file but your business was started BEFORE 1/1/2024, you have all of 2024 to file your form. If you create your business on or after 1/1/2024 you only have 30 days to file the BOI form in order to be compliant with this new law.
What do I do to comply?
You can follow THIS LINK to the PDF published by FinCEN to guide you through the law itself, learn about exemptions, learn about the deadlines, and learn about what information is required by those who must report. (Please note opening the link works best in a Chrome browser.)
You can CONTACT US to handle the reporting of this information to FinCEN on your behalf.
Failure to comply with the new filing requirement may result in significant financial penalties, so regardless of the direction you take to handle this obligation, be sure you do so in a timely manner!
