Tips & Advice

What Happens if a Company Fails to File Its FinCEN BOI Report?

Question: What happens if my company does not file its FinCEN BOI report within the required timeframe? Answer: If a person willfully fails to report complete or updated beneficial ownership information to FinCEN as required under the Corporate Transparency Act, FinCEN will determine the appropriate enforcement response in consideration of its published enforcement factors. The willful failure to report complete or updated beneficial ownership information to FinCEN, or the willful provision of or attempt to provide false or fraudulent beneficial ownership information may result in civil or criminal penalties,

Warning: Legal Consequences of Filing a False FinCEN BOI Report

Who can Access Beneficial Ownership Information in a FinCEN Report?

Question: Who can access beneficial ownership information in a FinCEN BOI report? Answer: FinCEN will permit Federal, State, local, and Tribal officials, as well as certain foreign officials who submit a request through a U.S. Federal government agency, to obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement. Financial institutions will have access to beneficial ownership information in certain circumstances, with the consent of the reporting company. Those financial institutions’ regulators will also have access to beneficial ownership information when they supervise the financial

What IDs are Acceptable on FinCEN BOI Reports?

What Applicant Information Is in a FinCEN BOI Report?

What is a FinCEN Report Applicant?

Who is the Beneficial Owner of a Company Owned by Another Company?

Kill Your Inactive Entities

FinCEN Extends Report Filing Deadline for Entities Formed After 2023

The following is the text of a November 29, 2023, FinCEN news release: The Financial Crimes Enforcement Network (FinCEN) issued a final rule today that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports. FinCEN will not accept BOI reports from reporting companies until January 1, 2024—no reports should

National Small Business Administration Sues to Overturn the Corporate Transparency Act

National Small Business Administration Press Release, November 20, 2023 Huntsville, AL – Today, Nov. 20, at 10:00 a.m., oral arguments in National Small Business Association v. Yellen will begin at the Huntsville United States District Court. The case is a challenge to the constitutionality of the Corporate Transparency Act (CTA) and specifically the law’s beneficial ownershipreporting requirements. The law would require nearly every American who runs or wants to form a corporation or LLC to give the Financial Crimes Enforcement Network (FinCEN)deeply personal information of its owners like date

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