FinCEN Guidance BOI reporting
Stay compliant and ahead of the game with FinCEN Guidance, Goralka's trusted partner in navigating BOI reporting.
As a Goralka Law Firm vetted resource, FinCEN Guidance helps your business meet beneficial ownership reporting requirements. FinCEN Guidance offers expert guidance to ensure your business's compliance with ease and confidence.
What is BOI reporting?
Beneficial Ownership Information (BOI) reporting is required by the Corporate Transparency Act (CTA) mandating that certain U.S. companies report information about individuals who own or control at least 25% of the company or who have substantial control over a company. This report is filed with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Why is it needed?
BOI reporting is intended to combat illegal activities such as money laundering, tax evasion, and the use of anonymous shell companies. By creating transparency about company ownership, it helps the U.S. government prevent financial crimes and safeguards the financial system from bad actors.
What is required?
Companies that meet the definition of a “reporting company” under the CTA must file a Beneficial Ownership Information Report (BOIR) with FinCEN to avoid fines and legal consequences.
Willful noncompliance can result in severe civil penalties of $591 per day and criminal penalties of up to $10,000 and two years of imprisonment.
For companies existing or registered before January 1, 2024, an initial BOIR must be filed by January 1, 2025; companies created or registered in 2024 have 90 days to file, and those created or registered in 2025 and beyond have only 30 days to file after formation or registration.
Once an initial BOIR is submitted, it must be updated within 30 days of a change (e.g., change of address or beneficial owner information) or corrected within 30 days of discovering any inaccuracies.