Beneficial Ownership Information (BOI)
Reporting Requirements

If you have an established company or are planning on starting a new company in 2024 or beyond, please read the following carefully.

What Is FinCEN BOI Reporting?

FinCEN BOI reporting is a new mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) in 2024. This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the government's efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024 and it is enforced by potential penalties including fines of $591 per day up to $10,000.

Who Is Affected?

Entities required to report under this regulation include corporations, limited liability companies, s-corps, LLPs, and other entities created by filing a document with any U.S. State.

The majority of for-profit business entities will be required to file this report unless they qualify for an exemption. You can find out if you have an exemption easily on this page.

What Are The Due Dates?

Entities created before 01/01/2024, will have until 01/01/2025 to submit the report.
Entities created on or after 01/01/2024 and before 01/01/2025, will have 90 days from creation or registration to submit the report.
Entities created on or after 01/01/2025, will have 30 days from creation or registration to submit an initial report.

Filing Options to Remain Compliant

1. Contact Your Attorney

Riskin & Riskin, PC will not be involved in assisting clients or answering ANY questions related to BOI filing requirements. As such, we recommend that you first connect with your attorney or the professional who assisted in setting up your entity/entities as they may be willing and able to assist.

2. File On Your Own

If you believe your filing situation to be simple and want to embark on completing the filing requirements yourself, feel free to explore the links and resources below, provided by FinCEN.

FinCEN BOI Website

FinCEN Small Business Entity Compliance Guide

Filing a BOI Report Demo Video

3. Utilize Our Filing Service Provider

We have partnered with FincenFetch to provide our clients access to an organization that assists with filing any and all necessary BOI reports by the applicable filing deadlines. The one-time filing fee associated with using this service is $300 per reporting entity.

File with FincenFetch

(Riskin & Riskin, PC Clients Only)

Use Code: RISKINCPA

IMPORTANT REMINDERS

For qualifying non-exempt entities that were in existence prior to 01/01/2024, the filing deadline to file the initial BOI report is 01/01/2025.

The penalty for late filing a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) is up to $591 per day, plus potential criminal penalties.

The Corporate Transparency Act outlines the penalties for violating BOI reporting requirements. These include:

Civil penalties: Up to $591 per day of violation
Criminal penalties: Up to two years in prison and a fine of up to $10,000

The penalties apply to individuals and corporate entities. Both the person who filed the information and the person who provided the information to the filer can be held responsible if false information is filed.

And finally, we will not be answering ANY questions or inquiries related to BOI reporting requirements that may or may not apply to you. We advise you to contact your attorney and/or consider utilizing the FincenFetch filing service we have partnered with for assistance with any questions and filing assistance.

Beneficial Ownership Information (BOI) Reporting Requirements

Filing Options to Remain Compliant

IMPORTANT REMINDERS

Beneficial Ownership Information (BOI)
Reporting Requirements