Beneficiary Ownership Information

Starting from January 1, 2024, all companies in the United States are required to submit Beneficiary Ownership Information (BOI) to FINCEN. This is a new provision under the Anti-Money Laundering Act.

Previously, only companies listed with the Securities and Exchange Commission (SEC) were obligated to report, but starting from January 1, 2024, companies established before 2024 must report by January 1, 2025, and companies established thereafter must report within 30 days of establishment or ownership change.

The fines for non-compliance range from $500 per day up to a maximum of $10,000. The reporting requirements are relatively straightforward, including name, address, date of birth, and identification number issued by the respective agency.

If your company is affected, please contact Number One Tax Pro for assistance in handling the filing process.