Frequently Asked Questions
What are the FinCEN BOI Reporting Requirements?
- The Treasury Financial Crimes Enforcement Network’s (FinCEN) new reporting requirements for small entities to report Beneficial Ownership Information (BOI) to help limit money laundering and other financial crimes.
Which companies are required to file?
- Reporting Companies: Domestic Reporting Company & Foreign Reporting Company
- US: Corporations, S-Corporations, Partnerships, Limited Liability Companies
- Foreign: Foreign company registered to do business in any U.S. State
- Exemptions: There are 23 exemptions for filing
What is required to be reported?
- Beneficial Owners:
- An individual qualifies as a Beneficial Owner if either of the following are applicable:
- Exercises substantial control over the reporting company or
- Owns or controls over 25% of ownership interest
- There are 5 exemptions for beneficial owners
- An individual qualifies as a Beneficial Owner if either of the following are applicable:
- Company Applicants: ONLY if formed after January 1st, 2024
- An individual qualifies as a Company Applicant if either of the following are applicable:
- Direct Filer: An individual who directly filed the document creating the reporting company
- Directs or controls the filing action: An individual who was primarily responsible for the document creating the reporting company
- An individual qualifies as a Company Applicant if either of the following are applicable:
What information is required to be submitted?
- Reporting Company:
- Full Legal Name
- Trade Name/DBA
- US Address
- Foreign Reporting Company: State or Tribal jurisdiction
- EIN
- Beneficial owner and Company applicant:
- Full Legal Name
- Date of Birth
- Residential Address
- An image of a government or state issued photo ID
When is the report due?
- Business formed before January 1st, 2024 – Can start filing January 1st, 2024, report is due by January 1st, 2025.
- Business formed in 2024 – Must file within 90 days after receiving notice of their company’s creation or registration.
- Business formed in 2025 – Must file within 30 days after receiving notice of their company’s creation or registration.
How to I report changes to my information?
- If there is a change to previously submitted information, companies are required to submit an updated report within 30 days of the change.
What happens if the company does not file?
- Penalties for Failure to File and false information include:
- Civil penalties – up to $500 per day for not reporting
- Criminal penalties – up to $10k and/or imprisonment up to 2 years
Filing your reporting: You can work with your RDG team member to determine eligibility and to file your report. We will reach out to you to get the process started. For any additional questions please call us at 585-673-2600.