A new federal law became effective on January 1, 2024, and applies to all existing LLCs and corporations, as well as any LLCs and corporations created in the future. This new federal law requires all LLCs and corporations to file a “Beneficial Ownership Information Report” (“BOIR”) online at https://www.fincen.gov/boi.
Using the link above, there is no filing fee to file the BOIR. You will want to have a scanned copy of the photo ID of each owner of the company ready (driver’s licenses are accepted), which the BOIR link will ask you to upload as you complete the BOIR. You can read more information about the BOIR, why it is now required, and many other frequently asked questions by following this link: https://www.fincen.gov/boi-faqs.
All LLCs and corporations existing prior to January 1, 2024, are required to file the BOIR by January 1, 2025. LLCs and corporations created in 2024 will have 90 days after creation to file the BOIR. LLCs and corporations created January 1, 2025, and later will have only 30 days after creation to file the BOIR.
The federal government has enacted steep penalties for failing to file the BOIR, including civil penalties of up to $500 for each day the violation continues, and criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file the BOIR, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.
We encourage all current LLC and corporation owners to go to https://www.fincen.gov/boi to complete the form and remain in compliance with this new law.
The BOIR is free to file at the attached link. It asks you to provide basic information about the company and its owners, which you already have.
If you prefer to obtain our help submitting the BOIR, please contact us at 918-782-0000 to schedule an appointment to discuss this.