New Filing Requirement for Businesses
Businesses in existence prior to January 1, 2024 must file a report with FinCEN (the Financial Crimes Enforcement Network) by December 31, 2024.
Businesses that are created in 2024 have 90 days from creation to file.
Businesses that are created in 2025 will have 30 days from creation to file.
YES, there is a massive penalty for filing late (if you do so willfully) and it can be up to $10,000. The good news is filing this report is pretty easy.
STEP 1. Create a FinCEN ID for yourself before filing a BOI report. You will need to create a Login.gov account and upload an image of your Driver's License or Passport (see login.gov for additional ID types).
STEP 2. Use your new FinCEN ID to complete your company's BOI (beneficial owner information) report. Filing the report is quick and easy to do online.
*It is free to file this yourself
The table above summarizes exempt entities.If your business is on this list, congrats, you don't have to file the report. For details on exempt entities visit: https://www.fincen.gov/boi
Click above to go to the site to file online. Click on the left tile that says "File BOIR" (pictured below). The system is pretty smooth from there. Of course if you need help, we are here for you. You can schedule an appointment with one of our tax pros to help you file this report. Our fee for this service is a flat $200*. Just give Kim or Tiffany a call and say you want an appointment for the BOI report filing. We will be taking appointments for this starting in May 2024. If you create an entity during January, February, or March of this year and want our help, tell us the creation date so we can get you in before your 90 days are up!
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