FINCEN Beneficial Ownership Information Report
Starting in 2024, business owners are required to prepare and file a Beneficial Ownership Information report to a government agency called Financial Crimes Enforcement Network or FinCEN for short. This annual report is to notify the government of the individuals who ultimately own or control a company. Many business owners are required to report this annually if you operate a business registered as a LLC, S-Corporation, C-Corporation, Trust or other entity types.
The penalties for willfully providing false or fraudulent information in a BOI report are: A fine of up to $10,000 and imprisonment for up to two years. The penalties for not filing on time are $591 per day.
We can help you stay in compliance with FINCEN and avoid any issues with the Corporate Transparency Act by preparing and filing your annual BOI Report.
