On January 1, 2024, the new requirement to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) went into effect. More than 32 million entities – mostly small businesses – have to file this report, which is required by a federal law called the Corporate Transparency Act (CTA). Violations of this law can result in a civil penalty of up to $591 per day, the violation continues and criminal penalties of up to $10,000 and two years in prison.
If your business is a Corporation or LLC with fewer than 20 employees doing less than $5,000,000 in gross income, it is likely that you need to file a BOI. For more information about the CTA and to determine if you qualify for an exemption please click here for the BOI Small Business Compliance Guide.
To file, or for a demonstration on how to file, please visit the US Treasury Financial Crimes Enforcement Network at https://www.fincen.gov/boi.