Required FinCEN filing for Beneficial Ownership Information (BOI)

Local CPA firms warn clients about new BOI filing requirement for the Financial Crimes Enforcement Network (FinCEN), “Unfortunatley, We can’t do it for our clients.”

The Corporate Transparency Act (CTA) is a new law that mandates that a business entity must declare who are the beneficial owners of that entity.

Corporate Transparency Act (CTA) applies to:

  • Corporations (Both C and S)
  • Partnerships (Both General and Limited)
  • Professional Corporations
  • Limited Liability Entities (in all forms including single member LLC’s)

Reporting Requirements:

  • Most companies are required to file Beneficial Ownership Information (BOI). The exceptions to filing are beyond this memo.
  • Starting January 1, 2024 reports must be filed electronically using the U.S Financial Crimes Enforcement Network (FinCEN’s) online filing system at
  • Reporting Companies created or registered to do business before January 1, 2024 have until January 1, 2025 to file their initial BOI report.
  • Reporting Companies created or registered after January 1, 2024 and before January 1, 2025, have 90 calendar days after receiving actual notice of creation or registration.

Penalties for Non-Compliance:

  • Any party that unlawfully discloses BOI information will be liable for:
    • Fines up to $500 per day (up to $250,000 in the aggregate; and
    • Up to 10 years in prison.

We cannot assist you with these filings.

  • These forms are legal in nature and require uploading of personal information and documentation to the Financial Crimes Enforcement Network (FinCEN). We are not licensed to practice law. Therefore, we will be unable to assist you with these filings. We recommend you engage your attorney.

Below is a link to the Small Entity Compliance Guide – BOI Reporting Requirements.


Read World Street Journal Article “A New Business Ownership Disclosure Rule Launched”>>>