02/28/2024
Most business owners will now be required to report information about their companies and furnish personal information to FinCEN, including their business and residential address, the company’s taxpayer identification number (e.g., EIN or FTIN), an individual’s unique identifying number from an acceptable identification document (e.g., driver’s license or passport number), and a photo of the identification document.
The Beneficial Ownership Information (BOI) report is part of the Corporate Transparency Act (CTA) passed by Congress in 2021.
The CTA and BOI report are part of the U.S. government’s attempts to crack down on financial crimes such as money laundering, tax fraud, financing of terrorism, and more.
If a BOI report isn’t filed with FinCEN in a timely manner, a company may incur penalties of $500 per day, up to $10,000 until the report is filed or corrected.
If a taxpayer willingly furnishes fraudulent information on a BOI Report, they could face civil penalties and imprisonment of up to two years.
Access the form by going to FinCEN’s BOI E-Filing website: https://boiefiling.fincen.gov and select “File BOIR.”
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