New Beneficial Ownership Information Filing Requirement

We are sending you an important update regarding Beneficial Ownership Information  (BOI) filing requirements mandated by the Financial Crimes Enforcement Network  (FinCEN).  

As of January 1, 2024, all entities registered with a state, including corporations, LLCs, and similar entities, must disclose their beneficial owners. This is a significant change; failure to comply with these new filing requirements can lead to severe penalties. To learn more about the filing requirement, click here. 

Essential Points You Need to Know: 

• Filing Deadline: 
  • 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 on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. 
  • A reporting company created or registered on or after January 1, 2025, will have 30 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report.  

• Penalties for Non-Compliance:
  • Failure to file on time could result in civil penalties of up to $500 per day after the filing deadline. 
  • Criminal penalties could include fines up to $10,000 and imprisonment of up to two years for willful violations. 

• How to submit a Report:  
  • You may file this report yourself by visiting here. 
  • Before preparing and filing the BOI report, review the instructions here. 
  • Other helpful Frequently Asked Questions can be found here.

If your reporting company is owned by your Revocable Trust, the Grantors and Trustees of the Revocable Trust will generally be considered beneficial owners of the reporting company. Please review your Trust documents to identify the Grantors and Trustees.  Beneficiaries and other fiduciaries (such as a Trust Protector) may also be considered beneficial owners if an irrevocable trust owns your reporting company. 

Subsequent filings will generally be required if there are changes to the information reported on the BOI report. This includes any company information changes or the information reported to any beneficial owner. Examples of changes that would need to be reported include a dissolution, change of name, transfer of interests of the company or the death, name change, or change of address of a beneficial owner. A reporting company must update an initial report within 30 calendar days of a change in information about the company or its beneficial owners or if it qualifies for an exemption after filing the initial report.  

Need assistance completing the BOI report?  

If you cannot complete the required filing, contact us by November 15, 2024. We can arrange appointments between November 15 and December 31, 2024. Our minimum fee to assist with filing the BOI report starts at $750. Contact us at 301-468-3220 or via our website at altmanassociates.net.