ATTENTION OWNERS OF CORPORATIONS (C AND S-CORP), ALL LLC COMPANIES!

Are you prepared for the new Beneficial Ownership Information (BOI) Reporting requirement set by the U.S. Department of the Treasury, effective 1/1/2024?

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 Beneficial Ownership Information (BOI) Reporting

  Q. What is beneficial ownership information reporting?

 A. Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. (Corporations and LLCs).

Q.  Why do companies have to report beneficial ownership information to the U.S Department of the Treasury?

A. In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis.  This law creates a new beneficial ownership information reporting requirement as part of the U.S. government?s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

Q. Under the Corporate Transparency Act, who can access beneficial ownership information?

 A. FinCEN will permit Federal, State, local, and Tribal officials, as well as certain foreign officials who submit a request through a U.S. Federal government agency, to obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement. Financial institutions will have access to beneficial ownership information in certain circumstances, with the consent of the reporting company. Those financial institutions? regulators will also have access to beneficial ownership information when they supervise the financial institutions. FinCEN published the rule that will govern access to and protection of beneficial ownership information on December 22, 2023. Beneficial ownership information reported to FinCEN will be stored in a secure, non-public database using rigorous information security methods and controls typically used in the Federal government to protect non-classified yet sensitive information systems at the highest security level. FinCEN will work closely with those authorized to access beneficial ownership information to ensure that they understand their roles and responsibilities in using the reported information only for authorized purposes and handling in a way that protects its security and confidentiality.

Q. Should my company report beneficial ownership information now?

A. - A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.          

  - A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.           

  - A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.

Q. What companies will be required to report beneficial ownership information to FinCEN?

 A. Companies required to report are called reporting companies.  There are two types of reporting companies:

- Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.

 - Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

 Q. What penalties do individuals face for violating BOI reporting requirements?

 A. As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues.  However, this civil penalty amount is adjusted annually for inflation.  As of the time of publication of this FAQ, this amount is $591. A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.

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