New BOI federal reporting requirements to be aware of

There are new BOI Federal Reporting Requirements.

Who must report?

Companies required to report are called reporting companies. Reporting companies may have to obtain information from their beneficial owners and report that information to FinCEN.

Who does not have to report?

Twenty-three types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies, nonprofits, and certain large operating companies.

How to report?

Your company must submit its BOI report to FinCEN within the specified timeframe based on the company’s creation or registration date.

When to report?

Existing Companies as of Jan. 1, 2024: Must file the initial BOI report by Jan. 1, 2025.

New Companies (Jan. 1, 2024 – Dec. 31, 2024): Must file the initial BOI report within 90 calendar days of receiving actual or public notice of the company’s creation or registration.

New Companies (on or after Jan. 1, 2025): Must file the initial BOI report within 30 calendar days of receiving actual or public notice of the company’s creation or registration.