Beneficial Owner Information Report
Due January 13, 2025 (maybe?)

Update - as of 1/3/25 the DOJ has appealed to the US Supreme Court to enforce the filing requirement. The Court gave a January 10, 2025 deadline for a response. So while it is likely the filing deadline will push out past January 13th, everyone should still be prepared to file quickly if required. The FinCen website has has demand issues, going down close to deadlines so we do not recommend waiting until the final day to attempt filing.​

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Update - as of 12/26/24 there was an additional court action likely further delaying the filing requirement. No official update has been made by FinCen, please check back for updates.

 

 

What is it?

A new required reporting for all registered entities. For our clients that means if you have an LLC, Inc., Corporation, Corp, or partnership registered with any Secretary of State, then you'll need to file.

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Is there a fee?

There is no fee to file directly with FinCen.

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Who is FinCen & why am I required to file?

A government entity, the Financial Crimes Enforcement Network. They want to be able to track all majority owners of corporate entities to ensure they are fulfilling their reporting requirements.

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Are there penalties if I don't file? What are the key dates?

Yes! Penalties are $591 PER DAY of late filing, up to $10,000. This is something you do NOT want to overlook!

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Entities formed prior to 2024 have a filing due date of January 13, 2025

Entities formed during 2024 have 90 days from date of entity creation to file. If you haven't filed yet, then go ahead and do so immediately.

Entities formed during 2025 and beyond have 30 days from date of entity creation to file. 

All changes to ownership of 25% partners after the initial filing must be filed within 30 days of the change.

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OK wow, I better get this done....how hard is it to file?

Not difficult at all, you'll need a handful of informational items, a scan of identification (unexpired drivers license or passport) of 25% or more owners and you can complete the form in a few minutes online.

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I'm ready to start, what do I do?

On your computer navigate to https://boiefiling.fincen.gov/boir/html. WARNING if you do a browser search for the filing by name, you may encounter fake websites charging fees or stealing your identity.

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The information you'll need to fill out the form

Company Name

Company EIN (or SSID if no EIN)

Company Mailing Address

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For Each 25% or More Owner

Name

Address

Date of Birth

Scanned Identification to Upload

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If I'm not able to submit the form myself, can you assist?

Yes, Fedyshyn CPA Group can assist in filing your initial form and providing ongoing monitoring to ensure compliance for the next 12 months. There is a $500 fee for the filing which includes the 12 months of compliance monitoring for free, you can fill out the form here to proceed with that option.

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