What Is FinCEN BOI?

Starting January 1, 2024, most US-based businesses must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). The Financial Crimes Enforcement Network is an agency of the U.S. Department of Treasury. FinCEN implements rules to improve transparency and prevent financial crimes such as fraud and money laundering. The FinCEN BOI report is an informational filing. 
 

FinCEN’s BOI reporting rules define a “reporting company” as any of the following: 

• Corporation

• Limited liability company (LLC)

• US-based business formed by registration with a Secretary of State (or equivalent authority)

• Foreign operating company registered with a U.S. Secretary of State (or equivalent authority)

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Deadlines for Filing

Your initial FinCEN BOI report deadline depends on your business registration date. Refer to the following due dates to determine when you should file. 

• Companies registered before January 1, 2024: December 31, 2024

• Companies registered in 2024: Within 90 days of registration

• Companies registered in 2025: Within 30 days of registration

Additionally, businesses have 30 days to correct inaccurate reports or submit updates.

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The Financial Crimes Enforcement Network (FinCEN) can impose civil and criminal penalties for violations of the Corporate Transparency Act (CTA) Beneficial Ownership Information (BOI) reporting requirements:

• Civil penalties: Up to $591 per day for each day a report is late

• Criminal penalties: Up to two years in prison and a fine of up to $10,000

• Liability: Both individuals and corporate entities can be held liable