Beneficial Ownership Information Reporting
Unfortunately, it appears that the election has interfered with possible action by Congress to eliminate or postpone the Beneficial Ownership Information (BOI) reporting to Financial Crimes Enforcement Network (FinCEN).
BOI Entity Existing Before January 1, 2024
This is a reminder that those of you who have affected entities that existed before January 1, 2024, have until by January 1, 2025, to file the initial BOI report.
BOI Entity registered on or after January 1, 2024, and before January 1, 2025
All entities formed in 2024 that require reporting have 90 days to file their initial BOI report. Specifically, this 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
BOI Entity Created or Registered on or after January 1, 2025
Entities created or registered on or after January 1, 2025, must file their initial BOI report within 30 calendar days after receiving actual or public notice that their creation or registration is effective.
Updated Reports
If there is any change to the required information about the company or its beneficial owners in a BOI report previously filed, the company must file an updated report no later than 30 days after the date of change. The 30-day reporting requirement for changes that occur regarding beneficial ownership information applies without regard to the initial filing time requirements outlined above.
Reporting Entity
The details of defining and determining a reporting entity and beneficial owner are too complex and detailed for this email. The FinCEN website can provide this information. You may also find the FinCEN Frequently Asked Questions and FinCEN Small Entity Compliance Guide helpful, which along with other information can be found on the internet at https://www.fincen.gov/boi/small-business-resources.
Bull & Associates does not file these BOI Information reports. The internet location for filing the report is at https://boiefiling.fincen.gov.