File Your Beneficial Ownership Information (BOI) Form with FinCEN

As part of our commitment to keeping you informed on important financial matters, we wanted to remind you about the Beneficial Ownership Information (BOI) filing requirement with the Financial Crimes Enforcement Network (FinCEN).

If you own a business, it is essential to file this BOI form to stay compliant. The deadline for filing is approaching, and failure to submit this information on time could result in penalties. Filing requirements include providing information on beneficial owners and those with substantial control over your business.

Existing registered businesses must report information on beneficial owners with the Financial Crimes Enforcement Network (FinCEN) by year end.  A person who willfully violates the Beneficial Ownership Information (BOI) reporting requirements may be subject to civil penalties of up to $591 for each day that the violation continues and may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.*

Deadlines to report beneficial ownership are:

·         A reporting company created or registered to do business before January 1,2024, will have until January 1, 2025.

·         A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.

* Please refer to the FinCEN BOI website or Frequently Asked Questions page for specific details.