What Is FinCEN BOI Reporting?

If you have an established company or are planning on starting a new company in 2024 or beyond, please read this information carefully.

Please note that beneficial ownership information (BOI) reporting requirements have been delayed nationwide by a recent federal court order in December. The original reporting deadline was January 1, 2025. The Department of the Treasury is appealing the preliminary injunction. In the meantime, reporting companies are not currently required to file a BOIR and are not subject to liability if they fail to do so while the applicable order remains in force.

However, reporting companies may still opt to file a BOIR.

What is FinCen BOI Reporting?

FinCEN BOI reporting is a new mandatory business filing requiring most U.S. companies to submit their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) in 2024. This requirement comes from a new law called the Corporate Transparency Act ( CTA), passed to enhance the government's efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024 and is enforced by potential penalties, including fines of $591 per day and potential criminal prosecution. The court’s order is a preliminary injunction, meaning it only temporarily pauses enforcement of the CTA pending an appeal or a final decision on the merits. Thus, the CTA’s reporting obligations could resume at any time if the injunction is overturned on appeal.

Who Is Affected? 
Entities required to report under this regulation include corporations, limited liability companies, s-corps, LLPs, and other entities created by filing a document with any U.S. State. The majority of for-profit business entities will be required to file this report unless they qualify for an exemption.

You can find out if you have an exemption easily on this page.

How Can You File Your FinCEN Report? 
Many law firms can file your report. CEF works with Lake Law Group, LLC and you can contact them if you are interested.  They use a specialized web platform, FincenFetch, to simplify this process. This platform will securely and quickly collect your filing information so their firm can complete your report.  You can also choose to self file.