New BOI (Beneficial Ownership Information) reporting requirements 

 

In order to help the Financial Crimes Enforcement Network (FinCEN) monitor and prevent illegal activities like money laundering and tax evasion, Beneficial Ownership Information (BOI) reporting was created as a requirement of the Corporate Transparency Act (CTA) of 2021, which was enacted as part of the Anti-Money Laundering Act of 2020.  

 

If your business was created prior to January 1, 2024, you must submit the report by January, 1, 2025.  If your business was created in 2024, you must file within 90 days of its creation.  If your business is created on or after January 1, 2025, you must file with 30 calendar days.  Any updates to your business must be submitted within 30 days.  To motivate compliance, FinCEN can impose stiff penalties.  A daily penalty of up to $591 for each day the report is late. 

 

This new filing is very simple and can be filed free directly on the FinCEN website.  Please make sure you are on the official FinCEN website.  If the website is asking for payment information, you are not on the official website!

You will need the following information available when you file:

 

For the business:

• Full legal name of business

• Any trade or “doing business as” name(s)

• Complete US address

• Indiana Secretary of State formation information (????

• IRS taxpayer identification number (EIN)

 

For each beneficial owner:

• Full legal name
• Date of birth
• Complete current address
• Unique identifying number and issuing jurisdiction and image of one of the following documents:
• US passport
• State driver’s license
• State identification document

 

Bottom line!  Please make sure you submit your report before January 1, 2025!