Clients with LLCs, partnerships, or any entity that has filed with the Secretary of State may be required to file a form with the Financial Crimes Enforcement Network of the US Department of the Treasury by the end of 2024.
If you have unique circumstances or additional questions it is advisable to check with the attorney who helped create the reporting entity.
WHO HAS TO REPORT
- Any entity that has filed with the Secretary of State.
- There are 23 exemptions, however they are very limited. Many entities are required to file.
WHEN IS REPORTING DUE
- If the entity was formed before 1/1/24, you must report by 1/1/25.
- If the entity was formed after 1/1/24 reporting is due within 90 days of formation.
- If any information about the entity changes an updated report is due within 30 days of the claim.
ADDITIONAL INFORMATION
- There is no fee to fill out the initial report or for any updates to your information.
- This is not a public database. It is only for federal government usage.
- The report will collect legal name, addresses and dates of birth for beneficial owners.
- Copy of a driver’s license or passport will be needed to upload in the report.
Website for reporting: https://fincen.gov/boi
The information provided is for illustration purposes only. It is not, and should not be regarded as a “recommendation” regarding a course of action to be taken. While the information is believed to be reliable, its accuracy cannot be guaranteed. MONTAG employees do not provide legal or tax advice. For specific legal or tax matters, you should consult with your own legal and/or tax advisors.
Source: fincen.gov/boi
