BOI Reporting
In 2021, Congress enacted the Corporate Transparency Act. This law created a Beneficial Ownership Information reporting requirement as part of the government’s efforts to prevent the misuse of entities for criminal gain. Effective January 1, 2024, most entities must complete the Beneficial Ownership Information Report (BOIR), reporting the individuals that ultimately own and control the entity to the Financial Crimes Enforcement Network (FinCEN) - FinCEN is a division of the U.S. Department of the Treasury, it is not the Internal Revenue Service.
How do I file?
We regret to inform you that we cannot directly handle the preparation or filing of BOI reports. There are currently too many gray areas surrounding the BOI reporting that has the potential to imply that we are practicing law. Due to these facts and circumstances, we cannot prepare or file BOI reports.
We advise consulting with a legal or compliance expert for any help or guidance to ensure that all reporting requirements are met accurately and on time. You have sole responsibility for your compliance.
There is no cost to file online. You can file the BOI Report (BOIR) online at https://boiefiling.fincen.gov/.
FinCEN has created a five minute walk through video demonstrating how to file a BOI report.
Who is required to File?
- Corporations
- Limited Liability Companies (LLC)
- Partnerships created by state filing
- Trusts & Estates
- There are twenty-three categories of companies exempt from filing. Information is available at
Reporting deadlines:
- Existing entities (created/registered before 1/1/24) — must file by 01/01/2025
- New entities (created/registered in 2024) — must file within 90 days
- New entities (created/registered after 12/31/2024) — must file within 30 days
- Reporting companies that have changes to previously reported information or discover inaccuracies in previously filed reports — must file within 30 days
What happens if I don’t file?
Failure to meet the stated deadlines will result in penalties. The willful failure to report or update BOI information to FinCEN or providing false or fraudulent information may result in civil or criminal penalties of $500 per day and up to $10,000 with up to two years of jail time.
Additional information can be found at www.fincen.gov/boi
If you have any questions, please feel free to contact us.
- Telephone: (806) 795-0470
- Fax: (806) 792-7491
- Email: contact@lubbockcpa.com
