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Beneficial Ownership Information Reporting Resources

January 8, 2024

Beneficial Ownership Information Reporting

Beginning January 1, 2024, many organizations will be required to comply with the new Federal reporting requirement for Beneficial Ownership Information (BOI). This requirement is a component of the Corporate Transparency Act (CTA) and applies to all Reporting Companies.

Reporting Companies are all entities registered to do business in the United States that were created under a state law (LLCs, corporations, partnerships, and most other legal entities).

23 exceptions to the disclosure requirements do exist, with the most common exceptions being:

  • “Large Operating Companies” that meet all of the following requirements (a) have more than 20 full-time US employees, (b) reported more than $5 million of revenue from US sources in the prior year, and (c) have a physical presence at a physical location in the U.S.
  • Nonprofit entities, political organizations, and some tax-exempt trusts
  • Public companies, insurance companies, banks, and registered investment companies

Organizations that do not meet an exception will be required to disclose information about their “beneficial owners” (legal name, date of birth, address, and photocopy of government-issued ID). Beneficial owners include those that exercise substantial control over the entity (senior officers or important decision-makers) or owns or controls 25% or more of the organization.

Organizations created prior to January 1, 2024 will have until January 1, 2025 to submit their initial report to FinCEN. Those that do not comply will face substantial civil or criminal penalties. Below you’ll find a resource for determining whether you are exempted, a basic overview with frequently asked questions, and additional links and information about filing to help you submit your information.

 

Step 1   |   Understanding the Basics

Review our FAQ document to get a general understanding of the new filing requirement.

Frequently Asked Questions

Step 2   |   Filing Exemptions

Complete our interactive exemption questionnaire to determine if your company will have a filing requirement or meets one of the exemptions to filing.

Exemption Questionnaire

Step 3   |   Filing Instructions

If you are required to file, follow the step-by-step instructions below for how to complete your BOIR filing via PDF or online.

 

Additional Links:

FinCEN BOI Homepage
FinCEN Help & Resources
FinCEN FAQ
FinCEN BOI Small Entity Compliance Guide
Subscribe to FinCEN BOI Updates

 

Have questions about beneficial ownership or filing for your company? Reach out to our team of advisors and we’ll help you through it.


 

Meet the Expert

Jacob Ouradnik, CPA, MAcc

Jacob enjoys partnering with clients to simplify complex business challenges - finding resolution and success as a team.

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