Almost all business entities are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024.

What’s the due date of this filing?

A business entity created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.

What happens if you don’t file this report?

Penalties for failing to file a Beneficial Ownership Information (BOI) report can include civil and criminal penalties:

1. Civil penalties A daily penalty of up to $591 for each day the report is late. This penalty can accumulate quickly.
2. Criminal penalties A fine of up to $10,000 and/or up to two years in prison for willfully failing to file the report.

For more info go to:  https://www.fincen.gov/boi

For answers to more frequently asked questions, read our Beneficial Ownership Information and Corporate Transparency Act FAQs.

Wegner CPAs tax and business advisors put together a list of BOI reporting resources for small businesses that may need more guidance.

Note – please contact your attorney/legal counsel if you need help filing this online report.    Wegner CPAs is prevented from filing this report for your business/LLC.