Beneficial Ownership Information Reporting Rule
December 10, 2024
The federal government's Beneficial Ownership Information Reporting Rule went into effect on Jan 1, 2024. It requires most entities to report information on their beneficial owners to the Financial Crimes Enforcement Network under the Corporate Transparency Act. Entities formed after January 1, 2024, must report upon formation; existing entities have until January 1, 2025 to comply.
Here’s why the BOI reporting matters:
- Legal Compliance: Filing the BOI is mandatory for most corporations, limited liability companies (LLCs), and similar entities formed in or registered to do business in the U.S.
- Enhanced Transparency: It helps establish trust with investors, clients, and partners by clarifying ownership structures.
- Preventing Fraud: Accurate BOI filings help combat money laundering and other illegal activities by making ownership information accessible to authorities.
- Avoid Penalties for Non-Compliance:
- Civil penalties up to $500 per day of violation.
- Criminal penalties include fines up to $10,000 and imprisonment for up to two years for willful violations.
Make sure to stay on top of your filing requirements to protect your business and avoid potential complications. Filing the information takes less than 10 minutes. To find out if your company is required to file go to www.fincen.gov
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