Here are some things to know about Beneficial Ownership Information (BOI) reporting:
  • Purpose

    BOI reporting is part of the Corporate Transparency Act, which was passed in 2021 to prevent financial crimes like money laundering and tax fraud. BOI reporting helps authorities identify who has a significant stake in a business. 

  • Who must report

    New businesses must begin reporting BOI electronically to FinCEN on or before January 1, 2024. Existing businesses must complete their BOI registration by January 1, 2025. Some businesses are exempt from reporting, including many nonprofits, publicly traded companies, and certain large operating companies. 

  • What to report

    BOI reports include: 

    • The name, date of birth, and address of each beneficial owner 
    • A unique identifying number and issuing jurisdiction from an acceptable identification document 
    • An image of the acceptable identification document 
  • How to report
    Reports are filed electronically through a filing system on the FinCEN website. There is no fee for filing.
  • Penalties

    Willfully failing to comply with BOI reporting can result in civil penalties of up to $591 per day, and criminal penalties of up to two years in prison and a $10,000 fine. 

  • Updates

    If there are any changes to the information reported in a BOI report, the company must file an updated report within 30 days. 

  • Fraudulent attempts
    FinCEN warns that there are fraudulent attempts to solicit information from individuals and entities subject to reporting requirements. Correspondence referencing “Form 4022” or “Form 5102” is fraudulent.
  • For detailed information visit the FinCEN website at https://fincen.gov/