Do you have questions about Beneficial Ownership Information (BOI)?

**What is a Beneficial Ownership Information Report?** 

A Beneficial Ownership Information Report is a legally required document that provides identifying information about the individuals who own or control a business. This report must be submitted to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to comply with the legal requirements of the Corporate Transparency Act.

**What are the penalties for not filing?** 

Failure to comply with the filing requirements can result in criminal penalties of imprisonment for up to two years and/or a fine of up to $10,000, along with a civil penalty of $500 per day.

**When is the Beneficial Ownership Information Report due?** 

Business entities formed on or after January 1, 2024, will have 90 days from their formation date to file the report. Business entities that amend their formation documents on or after January 1, 2024, will have 30 days to submit a new report. Generally, business entities formed before January 1, 2024, will have until December 31, 2024, to file.