Did you know? Most U.S Businesses have a new reporting requirement, called the "Beneficial Ownership Information Report," or BOIR. This report is meant to help the Financial Crimes Enforcement Network (FinCen), a bureau of the Department of the Treasury, increase transparency in business ownership and help combat financial crimes.

Who does this apply to?

All corporations, LLCs, and entities that were established by filing a document with their secretary of state, or other similar office, are required to file a BOIR. Examples of businesses that are exempt from reporting include: banks, credit unions, insurance companies, etc. The full list can be viewed here.

When does the BOIR need to be filed?

All businesses in existence prior to January 1, 2024 have until January 1, 2025 to submit the report. 

All businesses established after January 1, 2024 are required to complete the report within 90 days of creation or registration.

What happens if the deadline is missed?

Failure to file before this deadline will result in penalties of up to $500 per day.

What is needed to file?

Filing is free, and should only take a few minutes. To fill out the forms, businesses will need their Tax ID number, U.S. address, contact information and supporting identification for the applicant, and beneficial owner.

How do I file?

Businesses have the option to submit a PDF, or file online. Click here to file.

Where can I learn more?

FinCen has published a list of small business resources, including an introductory video, compliance guide and FAQs. View the full resource hub here.

The Main Street Alliance will be hosting an educational webinar with FinCen to help answer any additional questions business owners might have. The zoom call will be held on Tuesday, November 12 at 2 pm ET. Register to join here.