BOI Report Information

 

Our office would like to make you aware of, as well as educate you, about a new government requirement called BOI (Beneficial Ownership Interest). In an effort to crack down on “Financial Crimes”,The Federal Government is requiring all Business entities (including any LLC, PA, or Inc) to file an electronically submitted report. This report is done on a secure government website and it will show who owns any percentage of all business entities. The deadline to file this report is January 1, 2025 for all entities that were established prior to 2024. All new entities established in 2024 have 90 days from inception to file the report. There is a steep penalty of $500 per day for each day it is late.

 

The filing is not difficult to navigate through and only has to be done once, unless changes occur within the corporation during any given year. You have 30 days to report those changes on the BOI website. To file the report, you will need the following: Name, EIN, current address and the address of all owners, as well as a driver’s license that will have to be uploaded to the site for each owner. There is no filing fee through the BOI website prior to the deadline. Address to file is: https://boiefiling.fincen.gov/

 

If you do not wish to file this on your own, we will provide a service to do the initial registration report if it is requested. We are providing this letter and service to our clients but it is NOT our responsibility to file this report without the request of our clients. This also applies to any updates that may arise during the year. We will NOT update your report unless we have been notified by the client to make these

changes. The fee for us to file the initial report is $150. Any requested update to the filing will be an additional $150 per request. We will provide a form that must be filled out in its entirety and returned to us in a timely manner along with copies of each owner’s driver’s license. Please take this seriously and remember that we have no way of keeping up with every client’s possible changes throughout each year and we want you to stay compliant but again it is NOT our responsibility to file this report on behalf of our clients.

 

If you would like to retain our services, please contact our office promptly so that we can make sure you are covered before the deadline. When you reach out, please do so by using the email office@markknaufcpa.com. Given that all of the information has been provided above, please do not call to ask us to walk you through the process.

 

You can also CLICK HERE to download our client information form. Please email the completed BOI form to us at office@markknaufcpa.com