Beneficial Ownership Information (BOI)

By regulation of FINCEN – Financial Crimes Enforcement Network; all corporations created in the USA must submit a BOI report.

Deadlines to Submit the BOI Report

Companies Incorporated before 2024

The BOI report must be submitted by the end of the year – December 31st, 2024

Companies Incorporated after January 1st, 2024

Must submit the BOI report within 90-days after their incorporation.

Frequently Asked Questions at fincent.gov

What is beneficial ownership information?

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.

Why do companies have to report beneficial ownership information to the U.S. Department of the Treasury?

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

What companies will be required to report beneficial ownership information to FinCEN?

Companies required to report are called reporting companies. There are two types of reporting companies:

  • Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
  • Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

There are 23 types of entities that are exempt from the reporting requirements (see Question C.2). Carefully review the qualifying criteria before concluding that your company is exempt.

BOI Preparation and Reporting

Our team is located in South Florida, we work with businesses in the US and abroad to stay on top of government required reporting. With more than 15 years of experience preparing in accounting, taxation, IRS representation and payroll services. You can count on us to keep your business reporting up-to-date! We are qualified to work on all types of situations and company sizes.

To get started, please submit a BOI request using the form below or give us a call at (954) 933-1261.