Listen to Our PodcastWHAT IS BOIR?
Beneficial Ownership Information Reporting is a regulatory requirement mandated by FinCEN. This regulation aims to enhance transparency and combat financial crimes by identifying and disclosing the individuals who have significant control over, or ownership interest in, a legal entity.
WHY IS BOIR IMPORTANT?
Transparency and Accountability: BOIR helps promote transparency in corporate structures, ensuring accountability and preventing the misuse of legal entities. By disclosing beneficial ownership information, businesses contribute to national security efforts.
Legal Compliance: Compliance with BOIR requirements is a legal obligation. Failing to file the necessary report with accurate and up-to-date information about beneficial owners can lead to severe penalties, legal consequences, and potential damage to your business's reputation.
DEADLINE INFORMATION
DEADLINE: Ensure timely filing of reports. Failure to meet deadlines can result in significant penalties. Entities formed prior to December 31, 2023 have by December 31, 2024 to file their report. Any entity formed on or after January 1st, 2024 and before January 1st, 2025, you have 90 days from formation to file the report. New entities filed on or after January 1st, 2025 will have 30 days from formation to file the report.
PENALTIES FOR NON-COMPLIANCE
FinCEN enforces strict penalties for non-compliance with BOIR requirements. Large fines and legal consequences can be incured for failure to file, filing incomplete information, or providing inaccurate details about beneficial ownership.
HOW WE CAN HELP
Our team is committed to supporting you through the BOIR filing process. We can provide guidance, answer questions, and assist in ensuring your business complies with FinCEN regulations.
More information including worksheets to help you determine who a beneficial owner is and navigate this process can be found at https:/boiefiling.fincen.gov/fileboir.
Please contact our office if you have any questions or need our assistance!
Image from FinCEN's BOIR Introduction of Information report.