New Reporting Requirements For Business Owners

ATTN: Small Business Owners - The new Beneficial Ownership Information (BOI) Report is due to FinCen by the end of 2024. If you need help navigating this new reporting requirement, click here to Book A Meeting.
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What is it?

This rule is part of the Corporate Transparency Act and aims to fight money laundering, terrorism financing, organized crime, and other financial crimes.
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What do you need to do?

If you own & operate a corporation or LLC in 2024, you need to complete the filing requirement listing all "beneficial owners" by the end of 2024.
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What is the definition of a "beneficial owner?"

Any individual who has substantial control over a company. For example: 1) A senior officer 2) The authority to hire or fire certain officers 3) An important decision-maker 4) Any other kind of substantial control over the company 4) individual who owns or controls at least 25% of a company.
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Who is exempt from reporting?

There are 23 exemptions from BOI reporting. These exemptions usually apply to companies that are already subject to significant regulation by federal or state government agencies. To see if your company is excluded, check out the list of exemptions on the FinCen website FAQs.

This is a brand new law that went into effect in 2024, and covers all businesses, including C-corps, S-corps, and LLCs.