Description

Starting in 2024, U.S. companies must report individuals who either significantly control or own 25% or more of a company as part of FinCEN’s Beneficial Ownership Information (BOI) reporting.

This new mandate applies to entities both created in or registered to conduct business in the U.S. This is a reporting requirement, not a tax, but it carries stiff penalties if you don’t file!

Companies established or registered before January 1, 2024, have until January 1, 2025, to submit initial reports, whereas entities formed after this date have 30 days post-registration to submit the necessary filing with FinCen. Willful failure to file can lead to penalties of $500 for each day the violation continues. Not sure how to proceed? Simply buy the subscription below and our advisors can take care of all the paperwork for you.