BOI Reporting
Beneficial Ownership Information Reporting is a regulatory requirement where entities are mandated to disclose the individuals who ultimately own or control a company or legal entity. Squire is ready to assist you in meeting your FinCEN BOI reporting obligations promptly and efficiently.
BOI Reporting
Beneficial Ownership Information Reporting is a regulatory requirement where entities are mandated to disclose the individuals who ultimately own or control a company or legal entity. Squire is ready to assist you in meeting your FinCEN BOI reporting obligations promptly and efficiently.
FinCEN BOI Reporting: A Mandatory Compliance Measure
FinCEN BOI reporting stands as a crucial new obligation for most U.S. companies, requiring the submission of beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) by 2024. This requirement stems from the enactment of the Corporate Transparency Act, aimed at bolstering governmental efforts against money laundering, terrorist financing, and related financial crimes. Enforced with potential penalties ranging from daily fines of $500 up to $10,000, this reporting mandate became effective in 2024.
Who Does This Affect?
Entities falling under this regulation encompass corporations, limited liability companies, S-corps, LLPs, and other entities established through filing procedures with any U.S. State. Many for-profit entities will be mandated to file this report unless they qualify for an exemption, which can be easily verified.
Can We Assist with Your FinCEN Report?
Certainly, Squire stands ready to handle your reporting needs. We utilize a specialized web platform, FincenFetch to streamline the process for you. This secure platform expedites the collection of your filing information, enabling our firm to complete your report efficiently.
What Are the Deadlines?
- Entities established prior to January 1, 2024, must submit their reports by January 1, 2025.
- Entities established between January 1, 2024, and January 1, 2025, have 90 days from creation or registration to submit their reports.
- Entities established after January 1, 2025, have 30 days from creation or registration to submit their reports.
What Should You Do Next?
For further details or to initiate the process, please reply to Brandon Allfrey, brandona@squire.com. Please note that pricing for this service will vary based on entity structure, number of owners, and preparation time requirements.
We look forward to assisting you in meeting your FinCEN BOI reporting obligations promptly and efficiently.
