We’re fast approaching the deadline for established companies to submit their first mandatory Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN). With the deadline just days away, the team at Ivory Law wants to remind our clients and readers to speak directly with your in-house legal counsel or business attorney about getting this report prepared and submitted before the deadline passes.
Reporting Deadline for Established Businesses is January 1, 2025
Businesses that existed before January 1, 2024, are officially on the clock. These entities must submit their initial BOI report by January 1, 2025. If they haven’t already, the January 1 deadline gives established companies a narrow window to gather the necessary details and ensure they meet the federal requirements on time.
For businesses formed after January 1, 2024, but before January 1, 2025, the reporting deadline is even tighter, with a requirement to file within 90 days of formation. Businesses registered on or after January 1, 2025, will then have just 30 days to file the necessary Beneficial Ownership Information.
Who is Required to Report?
There are two main categories of companies that must report BOI to FinCEN as part of this new rule:
- Domestic Reporting Companies: This group includes corporations, limited liability companies (LLCs), and other entities established by filing a document with a secretary of state or a similar office within the United States.
- Foreign Reporting Companies: These are entities, like corporations and LLCs, formed under foreign country laws but registered to do business in the U.S. by filing a document with a state secretary or equivalent.
If your business falls into one of these categories, it is considered a reporting company and must submit the required BOI to FinCEN. Entities such as statutory and business trusts might have state-specific filing requirements that also bring them under the reporting umbrella. There are numerous exemptions that we highlighted in our initial article on FinCEN BOI reporting requirements.
What Information Falls Under “Beneficial Ownership Information?”
Reporting companies must submit the following information about the company itself:
- Company legal name
- Any trade names (i.e. doing business as (d/b/a) or trading as (t/a))
- Current street address of the principal place of business if that’s in the United States or current street address an international company conducts its U.S.-based business
- Jurisdiction of formation or registration
- Taxpayer Identification Number (or, if a foreign reporting company has not been issued a TIN, a tax identification number issued by a foreign jurisdiction and the name of the jurisdiction).
Reporting companies must also provide the following information about Beneficial Owners:
- Legal name
- Date of birth
- Residential address
- Identifying number from an acceptable form of identification (such as a passport or license) and name of the issuing state or jurisdiction
- An image of the identification document used
Can My Company File Beneficial Ownership Information Online?
FinCEN has created an online entry form for reporting companies to provide this information. However, while not required, we do advise that you speak with your attorney or in-house legal counsel before proceeding to ensure you are actually required to provide this information and that the information you’re providing is necessary and accurate.
Submit Your Company’s BOI With Confidence
This new regulation creates an additional task for your team to worry about while also running the business itself. Let us take care of legal matters like this so you can focus on doing what makes your business a success. Contact Ivory Law Group for assistance with these new FinCEN Beneficial Ownership Information reporting requirements.
Ivory Law Group
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