BOIR
BENEFICIAL OWNERSHIP INFORMATION REPORT
The new FinCen rule requires all business owners to report their beneficial ownership information. Here’s what you need to know:
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Companies registered before 2024 have until 2025 to file.
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Companies registered in 2024 have 90 days after registration is effective.
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Companies registered after 2025 have 30 days.
File your report at FinCen’s BOI E-Filing website by selecting “File BOIR.”
Interesting: 23 types of entities are exempt from this requirement.
Who is a beneficial owner?
A beneficial owner is anyone who controls at least 25% of the company or exercises substantial control over it.
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Prepare your company’s contact info, EIN, and a copy of your ID for filing.
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Acceptable IDs include:
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a non-expired U.S. driver’s license,
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U.S. state or local government ID,
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U.S. passport, or
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a foreign passport.
This is a one-time filing unless there are changes.
Penalties for non-compliance can be severe - up to $500 per day. In addition, willful violations can lead to criminal penalties, including up to two years imprisonment and a fine of up to $10,000.
