1. What is FinCEN BOI Reporting?

   • FinCEN BOI reporting is a new requirement under the Corporate Transparency Act, which mandates certain businesses to disclose information about their beneficial owners to the U.S. government.

2. Who is required to file a FinCEN BOI report?

   • Generally, corporations, LLCs, and other similar entities formed or registered to do business in the United States are required to file.

3. What information needs to be reported?

   • The report must include the full legal name, date of birth, address, and a government-issued identification number for each beneficial owner.

FinCEN BOI Filing and Deadlines

4. When is the deadline to file a FinCEN BOI report?

   • For existing companies, the deadline is January 1, 2025. For newly formed companies, the deadline is 30 days after incorporation.

5. How do I file a FinCEN BOI report?

   • The report must be filed electronically through the FinCEN BOI system.

6. What happens if I miss the deadline?

   • Failing to file on time can result in significant penalties.

FinCEN BOI: Beneficial Ownership

7. Who is considered a beneficial owner?

   • A beneficial owner is any individual who, directly or indirectly, owns 25% or more of the equity interests of the reporting company.

8. What if there are multiple beneficial owners?

   • All beneficial owners must be reported.

9. Can I remain anonymous as a beneficial owner?

   • No, the law requires that beneficial owners be identified.

FinCEN BOI Compliance and Penalties

10. What are the penalties for non-compliance?

• Non-compliance can result in significant civil and criminal penalties, including fines and imprisonment.

11. How can I ensure compliance with FinCEN BOI reporting?

• Consult with a legal or tax professional to understand your specific obligations and ensure accurate reporting.

12. What steps should I take to prepare for FinCEN BOI reporting?

• Gather the necessary information about your beneficial owners, including their identification documents.
• Review your company’s formation documents and shareholder agreements.
• Consult with a professional to determine if you need to file a report and to ensure compliance.

FinCEN BOI Additional Considerations

13. Will this information be publicly available?

• No, the information filed with FinCEN is generally not publicly accessible.

14. How does FinCEN BOI reporting impact foreign companies operating in the US?

• Foreign companies with US subsidiaries or branches may also be subject to FinCEN BOI reporting requirements.

15. Can I update or amend my FinCEN BOI report?

• Yes, you can update or amend your report if there are changes to the information previously provided.