BENEFICIAL OWNERSHIP INFORMATIONAL ("BOI") REPORT CONTACT REQUEST

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.

 FinCEN BOI reporting is a new mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) in 2024. This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the government's efforts to combat money laundering, terrorist financing, and other financial crimes.

This Act requires each company to provide contact and identifying information of any individual with at least 25% ownership interest and/or substantial control over the business entity along with other information about the entity itself.

 The majority of for-profit business entities will be required to file this report unless they are exempt.

Examples of entities that will need to file include: 

• Corporations, 
• Limited Liability Companies (LLC's), 
• S-Corps, 
• Limited Liability Partnerships (LLPs), and
• Other entities created by filing a document with any U.S. State.

 There are steep penalties associated with lack of compliance. This reporting requirement started in 2024 and enforced by potential penalties of

$500/day with a cap of $10,000/entity.

Maybe. However, the AICPA has recently warned CPA firms against submitting these reports due to liability concerns and concerns regarding the unauthorized practice of law.  For this very reason, many CPA firms prefer to refer their clients to DAJ Tax Law to assist with their BOI Reports. 

  Reporting companies will need to submit their:

• Legal name
• Any DBAs/trade names
• Street address
• Formation jurisdiction
• Taxpayer Identification Number, Social Security Number, or Employer Identification Number (EIN)

  You’ll need to provide for each beneficial owner or company applicant:

• Name
• Date of birth
• Street address (no registered agent addresses allowed)
• ID number from a Driver’s License, Passport or State ID
• Name of state or territory that issued the ID document
• Photo of your ID

 “Beneficial Owners” are people with control or influence over your company. All beneficial owners must submit their information,  regardless of when your business was formed.

“Company Applicants” are the people who formed your company with the  state, sometimes called "organizers". Only businesses formed prior to 2024 need to submit company  applicant info. The info is the same for company applicants as it is for  beneficial owners.

While most small businesses must report their beneficial owner  information, there are a few businesses that do not need to file.  Here are a few examples of entities that are exempt from filing a BOI Report:

• Any financial brokers and dealers
• Money transferring or transmitting services
• Certain banks and bank holding companies
• US government authorities
• Large companies with more than $5,000,000 in gross sales that have a  physical operating office in the US and more than 20 full-time  employees
• Public charities, private foundations, and other nonprofits with IRS income tax exemption