Beneficial Ownership Information (BOI)
Starting on January 1, 2024, “Reporting Companies” must report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) via electronic filing. Reporting companies must file initial reports by January 1ST, 2025.
Penalties for not filing or late filing are 1) $591 a day in Civil penalties, $10,000 in Criminal penalties, 2) up to 2 years in prison.
For detailed information on how to file, please visit https://www.fincen.gov/boi. There is a Five-Minute Demo “How to File a beneficial Ownership Information (BOI) Report”.