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Beneficial Ownership Reporting

The Corporate Transparency Act has several key provisions:

  1. Government Agencies: The act focuses on two government agencies: the Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS). FinCEN is responsible for combating financial crimes, while the IRS collects taxes.
  2. Reporting Companies: The act requires companies to comply with reporting requirements and share information about their beneficial owners with FinCEN. Reporting companies include entities like corporations, LLCs, LLPs, and sole proprietorships.
  3. Exemptions: Certain types of entities are exempt from the reporting requirements, such as subsidiaries, inactive entities, and companies regulated by specific industries. Large domestic corporations with over 20 employees and $5 million in sales may also be exempt. Additionally, entities opened after January 1st or with less than $1,000 in transactions may qualify for exemption.
  4. Beneficial Ownership Information (BOI) Report: Reporting companies must disclose information about their beneficial owners in the BOI report. A beneficial owner is someone who has substantial control over the company or owns or controls at least 25% of its ownership interests.
  5. BOI Disclosure: Beneficial owners must provide their full name, date of birth, current residential address, and a unique identifying number. Government-issued documents like passports or driver’s licenses can serve as proof of identity.
  6. Filing and Updates: Reporting companies must file an initial report and make updates when there are changes to the ownership. Generally, the filing is a one-time obligation, but updates are required for ownership changes.
  7. Penalties for Non-Compliance: Non-compliance with the act can result in civil penalties of $500 per day and criminal penalties of up to $10,000 in fines and two years of imprisonment. The severity of penalties may vary based on the extent of non-compliance.

These provisions aim to enhance transparency and combat financial crimes by ensuring that beneficial ownership information is readily available.

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Frequently asked questions


What is Beneficial Ownership Information Reporting (BOI)?

Certain businesses are obligated to submit information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) through the BOI requirement. A beneficial owner refers to an individual who possesses or controls 25% or more of the ownership interests in a business or exercises significant influence over its management.


What are the penalties for failing to file a BOI report?

Businesses that fail to file a BOI report may be subject to civil penalties of up to $500 per day, and criminal penalties of up to $10,000 and/or imprisonment for up to two years.


How do I file a BOI report ?

To file a Beneficial Ownership Information (BOI) report, gather necessary information, access FinCEN’s Reporting Portal, fill in the reporting form, review for accuracy, submit the form, and maintain records. These steps ensure compliance with FinCEN’s requirements and prevent penalties for non-compliance.


Find answers to frequently asked questions

Here are some answers to the questions that can help you get started to grow your presence online. If you still have more queries, Contact us.

Starting from January 1, 2024, every corporation, limited liability company (LLC), and similar entities formed or registered to operate in the United States, with the exception of certain exempt entities, are required to submit a BOI report.

The BOI report necessitates the inclusion of specific details regarding each beneficial owner. This includes their complete legal name, date of birth, current address, as well as a distinctive identification number like a passport number or driver’s license number.