Beneficial Ownership Information Reporting
(BOIR)
Federal Regulatory Reporting
To help the United States counter financial crimes, U.S business owners will be required to file a Beneficial Ownership Information Report (BOIR) starting January 1, 2024
Enforcements Actions
& Filing Deadlines
- Newly Formed Businesses created on or after January 1, 2024 will have 90 days to file.
- Existing Businesses will have 1 year to file (between January 1, 2024 to December 31, 2024).
- Amendment Needed reflect changes within 30 days of any change in previously-filed submissions.
- Failure To File Any company that fails to file a beneficial ownership report (BOIR) or amendment by its filing deadline is subject to a fine of $500 per day, up to a maximum of $10,000.
- Willful failures or intentionally filing inaccurate information is a felony, punishable by up to two years in prison
Federal Compliance Reporting Assistance
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) enacted the Corporate Transparency Act to curb illicit finance, requiring companies doing business in the United States to report information about the individuals who own or control them. Complete the BOIR filing before the deadline.