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.

Update as of Dec 23, 2024: The U.S. Treasury Department has delayed the deadline for millions of small businesses to Jan. 13, 2025, to file a new form, known as the Beneficial Ownership Information (BOI) report. The original reporting deadline was January 1, 2025. A federal court in Texas on Dec. 3 had issued a nationwide preliminary injunction that temporarily blocked FinCEN from enforcing the rule. However, the 5th U.S. Circuit Court of Appeals reversed this injunction on Dec 23.

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. 

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.