Beneficial Ownership Information Report
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 $500 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 (this does NOT include individuals using Fictitious Business Names). The vast majority of for-profit business entities will be required to file this report unless they qualify for an exemption.
What Are The Due Dates?
Entities created before Jan. 1, 2024, will have until the end of the year to submit the report (12/31/24)
Entities created on or after January 1, 2024 and before Jan 1, 2025, will have 90 days from creation or registration to submit the report.
Entities created on or after Jan. 1, 2025, will have 30 days from creation or registration to submit an initial report.
Penalties for non-filing or late filing
Up to $500 per day until the violation is resolved
Fines of up to $10,000 and/or 2 years imprisonment due to criminal charges
Non-compliance or providing false information can result in fines of $5,000 or more per violation, including daily fines for errors and omissions.
Penalties can be imposed against the beneficial owner, the entity, and/or the person completing the report
Take Action Now
Start your BOIR Filing
Direct file with Fincen (Single owner)
FinCEN has an online system for directly filing Beneficial Ownership Information Reports on the Fincen.Gov website. The process is relatively straightforward for single-owner businesses like LLCs or S-Corporations but cumbersome for those businesses with multiple beneficial owners. Owners with more than one entity will need to file a report for each business. There is no fee to file directly online with FinCen.Gov
Best for Single-Owner Entities (LLC’s or S-Corps)
File PDF or Online
Login.Gov account suggested
Self-service updates/corrections required
No Online Portal for ongoing management
Free to File
Self-service (multi-owner; multi-entity)
Businesses with multiple owners or Beneficial Owners needing file reports for multiple businesses are utilize the FinCEN.Gov website but will need to coordinate with other Beneficial Owners to submit the required information for each Beneficial Owner and each reporting entity. An alternative is using our online portal supported by FINcenFetch to coordinate with other owners and submit filings for multiple businesses.
Best for Multi-Owner Entities or Multiple Entities
Intuitive Self-Service Online Portal Process
Coordinates with other Beneficial Owners
Multiple Company Reporting Supported
Self-Manage Multiple Reporting Entities
Online Tracking Portal for Future Updates/Filings
$299 / Reporting Company
Full-service Filing Support
Anyone seeking a more hands-on approach to the nuances of filing the required FinCEN reports can utilize the Firm’s experienced filing team for a more full-service process. We’ll pull entity information from both State and County systems, pre-fill as much data as we can confirm, and directly coordinate with other Beneficial Owners.
Concierge Online Filing Process
Intuitive Online Portal Process
We Coordinate with other Beneficial Owners
Multiple Company Reporting Supported
Direct Filing with FinCEN inclusive of verified data transfer success
Future Updates/Corrections Included
Full remote support from our in-house Filing Team
$599* / Reporting Company
*Multi-Report Discounts Available
**20% Off Filings Requested before 12/15/24