Big news out of Washington D.C.! Starting January 1, 2024, many companies (LLC, partnership, corporation) will be required to report information to the U.S. government about who ultimately owns and controls them. This new report is called the Beneficial Ownership Information report and it is filed with FinCEN (the Financial Crimes Enforcement Network that is part of the U.S. Treasury Department).


Here‘s a video with more information and a link to the FinCEN BOI website.

There are some unknowns about the report currently, but we should know more in the coming weeks.

What we currently know about the report is this:

  1. The filing is one-time, not annual.
  2. A new report needs to be filed anytime any piece of information changes.
  3. Name, address, date of birth, driver’s license or passport number, image of driver’s license or passport for owners.
  4. Yes, you will have to file a report for your single-member LLC.
  5. Businesses formed before 1/1/24, have 1-year to file. Businesses formed in 2024 have 90 days to file. Businesses formed after 2024 have 30 days to file.
  6. The penalty is $500/day up to $10k.

We will update the blog once we know more about the report in early January 2024. At that time you can determine if you would like to file the report yourself as a representative of your company or if you would like us to provide this service on your behalf.