A Beneficial Ownership Information Report (BOIR) Must be Filed by the End of 2024 by Most Small Business.
Failure to Comply Could Result in Substantial Penalties.
See if this applies to you.
Following the enactment of the Corporate Transparency Act (CTA) in 2024, certain business entities, including most small businesses, are now required to file a Beneficial Ownership Information Report (BOIR) with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. The deadline for filing is December 31, 2024. Failure to file could result in substantial penalties. The purpose of the BOIR is to provide transparency regarding the identity of the true owners of a business.
FinCEN’s Small Entity Compliance Guide explains who must report, what they must report, and when they must report. For more details, visit FinCEN’s Small Entity Compliance Guide.
Provided ownership information does not change, this is a one-time filing. The filing is free and is designed to be completed by the average person following the instructions provided by the U.S. Treasury. For assistance, visit BOI Filing Help.
Before you begin the filing process, gather all relevant information, including:
• Names of Owners: Full legal names of all individuals or entities that have an ownership stake in the business.
• Ownership Percentages: The exact percentage of ownership each party holds.
• Contact Details: Addresses and other contact information for all owners.
• Business Details: Your business’s legal name, address, and identification number (e.g., EIN in the U.S. or the owner’s social security number if it is a passthrough entity).
The following link will guide you through the filing options: BOIR Filing Options.