Financial Crimes Enforcement Network - Beneficial Ownership Information (B.O.I)

As of January 1, 2024, a critical regulatory update has been concerning the Financial Crimes Enforcement Network (FinCEN) reporting requirements.

The updated FinCEN regulations mandate that organizations with annual revenues below $5 million, regardless of their business structure (including S-Corporations, LLCs, C-Corporations, etc.), must disclose their beneficial ownership information. Non-compliance could lead to a daily penalty of $500, accumulating up to a maximum of $10,000 for each entity. The due date for filing each entity's respective Beneficial Ownership Information (BOI) report is based on the date the entity was first registered with the state.  For entities established before January 1st, 2024, the deadline for compliance is by the end of 2024. Entities formed in 2024 are required to achieve compliance within 90 days of their establishment. Starting in 2025, the reporting window for all entities will be shortened to 30 days. Any changes to entity details must be updated within 30 days to avoid penalties.

To file the FinCEN report, visit the FinCEN site and use the BOI e-filing system. 

In the video above, Gabriel Shahin, CFP ® and President of Falcon Wealth, provides a step-by-step guide on navigating the FinCen website and the BOI application. We strongly suggest that you watch it to understand the process better. Complying with these regulations is of utmost importance, and we advise you to take the necessary steps promptly to avoid any fines or legal consequences.

For additional information, please access this supplemental document.

To access the Beneficial Ownership Information (B.O.I) application, please click here.

This is for information purposes only and does not constitute legal, financial, or investment advice.  Please consult an attorney, financial advisor, or tax professional prior to taking or refraining from any action