Beneficial Ownership Information Reporting (BOIR)

[Jeff S.]

Beneficial Ownership Information Reporting (BOIR) Have you heard about this? This is from my accountant.

We are writing to you regarding new reporting requirements for many businesses, including LLCs, C, and S Corporations. For existing companies, individuals who own at least 25% of the entity or exercise substantial control over it must submit BOIR to the Financial Crimes Enforcement Network (FinCEN) by December 31, 2024. Newly created companies after January 1, 2024, must register within 90 days. There are significant penalties for missing filing deadlines. There is a $500 per day penalty, up to $10,000, and imprisonment of up to two years for the WILLFUL failure to file initial or updated timely reports. Where to file the BOIR report? You will find more details on how to file on this website . There is also a short video on this website on how to file. We are sending you this information to make you aware of these new reporting requirements and the associated risks of not filing. Let us know if you have any questions.

[John Clark]

So what’s the problem? Fill out the form. Send it in. Keep a copy for your files. Send it certified mail, return receipt requested if you are so inclined. 

Nothing to get worked up about.

[Chris Seveney]

Quote from @Jeff S.:

Beneficial Ownership Information Reporting (BOIR) Have you heard about this? This is from my accountant.

We are writing to you regarding new reporting requirements for many businesses, including LLCs, C, and S Corporations. For existing companies, individuals who own at least 25% of the entity or exercise substantial control over it must submit BOIR to the Financial Crimes Enforcement Network (FinCEN) by December 31, 2024. Newly created companies after January 1, 2024, must register within 90 days. There are significant penalties for missing filing deadlines. There is a $500 per day penalty, up to $10,000, and imprisonment of up to two years for the WILLFUL failure to file initial or updated timely reports. Where to file the BOIR report? You will find more details on how to file on this website . There is also a short video on this website on how to file. We are sending you this information to make you aware of these new reporting requirements and the associated risks of not filing. Let us know if you have any questions.

 Yes and it literally takes 3 minutes to complete.