Beneficial Ownership Information (BOI) Reporting Deadline
The Financial Crimes Enforcement Network (FinCEN) has created fresh reporting mandates for information on beneficial ownership (BOI). Here are the key points about the BOI reporting:
- What is BOI? Beneficial Ownership Information (BOI) refers to the individuals who ultimately own or control a legal entity.
- Reporting Requirements: Numerous businesses must submit data to FinCEN regarding the individuals who ultimately possess or govern the company.
- Access and Safeguards: The final rule implements the BOI access and safeguard provisions in the Corporate Transparency Act, and the information reported to FinCEN will be stored in a secure, non-public database using rigorous information security methods and controls.
- Reporting Process: FinCEN began accepting reports on January 1, 2024, and reporting companies are obligated to furnish four details for each beneficial owner, including their name, date of birth, address, and the identification number from a recognized identification document.
Companies can visit the FinCEN BOI webpage – https://www.fincen.gov/boi, for more detailed information and reporting deadlines. If you have further questions about the BOI reporting requirements, contact FinCEN through their Contact web page.
Frequently Asked Questions:
- Click here for the PDF version of the FAQs.
- Click here for the Web version of the FAQs
- Where can I find the complete guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
They offer the following disclaimer on the brochure that you can download by clicking here.
——————————-
Disclaimer: This Guide is prepared in accordance with the requirements of Section 212 of the Small Business Regulatory Enforcement Fairness Act of 1996. It is intended to help small entities comply with the beneficial ownership information reporting rule promulgated by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This Guide is explanatory only and does not supplement or modify any obligations imposed by statute or regulation. Additionally, this Guide does not supersede more recent guidance documents issued by FinCEN. FinCEN may also revise this Guide to clarify or update content. For additional and latest information, consult www.fincen.gov/boi. For further assistance or to submit feedback about this Guide, contact FinCEN at www.fincen.gov/contact.