New Filing Requirement for Business Owners – BOI Filing

Access to the new FinCin reporting portal for the Beneficial Owners Information became available on January 1st, 2024. This is a new requirement for businesses to stay in compliance with the US government as an active business entity. If you are an existing business entity (prior to January 1st, 2024) you have until the end of the year to complete this filing. If you are a new entity, you must complete this filing within 90 days of formation.

Penalty for failing to complete this filing is as follows:

As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.

This is a free reporting to complete via:

https://www.fincen.gov/boi