Beneficial Ownership Information
Deadline: January 1, 2025
Effective January 1, 2024, the Corporate Transparency Act introduced new Beneficial Ownership Information (BOI) reporting requirements for certain entities. This reporting applies to entities in existence on January 1, 2024, as well as those created in 2024 and later. These regulations are designed to enhance transparency and reduce the misuse of anonymous corporate structures for illicit activities.
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$125 per entity
What is FinCEN BOI?
Beneficial Ownership Information (BOI) refers to identifying details about the individuals who directly or indirectly own or control a company. Passed by Congress on a bipartisan basis in 2021, the Corporate Transparency Act introduced a new reporting requirement for this information to prevent bad actors from exploiting shell companies and opaque ownership structures to hide or profit from illicit activities.
Who must file
Required information
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20 or fewer full-time employees
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$5 million or less in domestic gross receipts (as reported on a prior tax return)
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A physical U.S. presence
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Full legal name
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Date of birth
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Residential address
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A unique ID number from a government-issued ID
Important deadlines
Penalties
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Existing entities (pre-2024): File the initial report by January 1, 2025
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New entities (2024): File within 90 days of establishment
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Future entities (post-2024): File within 30 days of establishment
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Civil fines of up to $591 per day for unremedied violations
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Criminal fines of up to $10,000
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Imprisonment for up to two years