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Heads Up! New Reporting Requirement for Business Owners: BOI Filing

Hello, business owners! We’ve got a bit of news to keep you on track with some upcoming requirements from the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Grab your coffee, and let’s talk about the Beneficial Ownership Information (BOI) report!

What’s Going On?

In short: FinCEN wants a clear picture of who’s behind every company in the U.S. This is part of the Corporate Transparency Act, designed to make things safer, more transparent, and crack down on shady business activities. So, if you own or control a company directly or indirectly, FinCEN needs some info from you!

Who Needs to File and When?

1. Already Established Businesses: If your business was created or registered before January 1, 2024, you have until January 1, 2025, to get your BOI report in.

2. Newer Businesses: If your business was created after January 1, 2024, you’ll have 90 days from the time of registration to file your BOI report. No need to wait; start early to stay ahead!

What’s the Process?

All BOI reports are filed online through FinCEN’s secure e-filing system, and here’s some good news: there’s no fee involved! Just make sure you have all the necessary details about your company’s beneficial owners ready to go.

Why Does This Matter?

Not only is this new requirement all about staying compliant, but it’s also about helping keep the business world transparent and fair. And hey, by filing this, you’re contributing to a safer business environment for everyone!

For full details and to access the filing system, head over to FinCEN’s BOI page: fincen.gov/boi.

Stay compliant, stay informed, and keep your business thriving!

Additional Resource: Minnesota Secretary Of State - Beneficial Ownership Information