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Beneficial Ownership Information Reporting

If you have an established company or are planning on starting a new company in 2024 or beyond, please read this page carefully because it identifies a legal obligation you have to report to the US federal government and explains how you can comply with that requirement.

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What Is FinCEN BOI Reporting?

FinCEN Beneficial Ownership Information reporting is a mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) division of the US Department of Treasury in 2024. This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the US government's efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024 and it is enforced by potential penalties including fines of $500 per day up to $10,000.

 

Who Is Affected? 

Entities required to report under this regulation include corporations, limited liability companies, s-corps, LLPs, and other entities created by filing a document with any U.S. State. The majority of for-profit business entities will be required to file this report unless they qualify for an exemption. You can find out if you have an exemption easily on this page.

 

How Can I Get Help with Filing? 

Ankney Law does not handle BOI reporting for its clients.

 

Ankney Law has partnered with FincenFetch to help you file your FinCEN report. Please follow the button below to start your report.

 

 

Filing using FincenFetch is priced at a flat fee of  $499.99 per reporting company. FincenFetch shares a portion of that flat fee with Ankney Law as compensation for Ankney Law's referral.

If you do not want to use FincenFetch to help with your filing, you can access the US Department of Treasury's Beneficial Ownership Information Reporting webpage by following this link to create an account and file the report on your own: https://www.fincen.gov/boi

 

What Are The Due Dates?

  • Entities created before Jan. 1, 2024, will have until December 31, 2024, to submit the report.

  • Entities created on or after January 1, 2024, and before Jan 1, 2025, will have 90 days from creation or registration to submit the report.

  • Entities created on or after January 1, 2025, will have 30 days from creation or registration to submit an initial report.

 

What next steps should I take?

For more information or to get started, please follow either of the links above to file.

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