What Is FinCEN BOI Reporting?
FinCEN BOI reporting is a new mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the government’s efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024, and failure to file penalties can range from $500 per day up to $10,000.
Who Is Affected?
Entities required to report under this regulation include corporations, limited liability companies, S-Corps, LLPs, and other entities created by filing a document with any U.S. State. The majority of private, for-profit business entities will be required to file a BOI report unless they qualify for an exemption. Click here to find out if your business is exempt from filing.
Can We File Your FinCEN report?
Yes, KLC can file your report for a low fixed fee of $349 per entity. Please click here if you’d like us to handle this mandatory filing. We use a specialized web platform, FincenFetch, to make the process easy for you. This platform will securely and quickly collect your filing information, and then we will review for accuracy and file your report.
What Are The Due Dates?
1) Entities created before Jan. 1, 2024, will have until Jan. 1, 2025 to submit the report.
2) Entities created on or after January 1, 2024 and before Jan 1, 2025, will have 90 days from creation or registration to submit the report.
3) Entities created on or after Jan. 1, 2025, will have 30 days from creation or registration to submit the report.
What next steps should I take?
For more information or to get started, please fill the form below
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