Tips & Advice

Must an Attorney or CPA File a FinCEN BOI Report?

Question: Is a reporting company required to use an attorney or a certified public accountant (CPA) to submit beneficial ownership information to FinCEN? Answer: No. FinCEN expects that many, if not most, reporting companies will be able to submit their beneficial ownership information to FinCEN on their own using the guidance FinCEN has issued. Reporting companies that need help meeting their reporting obligations can consult with professional service providers such as lawyers or accountants.

Who Can File a FinCEN BOI Report?

Question: Who can file a FinCEN BOI report on behalf of a reporting company, and what information will be collected on filers? Answer: Anyone whom the reporting company authorizes to act on its behalf—such as an employee, owner, or third-party service provider—may file a FinCEN BOI report on the reporting company’s behalf.

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

Tips & Advice

Must an Attorney or CPA File a FinCEN BOI Report?

Who Can File a FinCEN BOI Report?

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

Warning: Legal Consequences of Filing a False FinCEN BOI Report

Who can Access Beneficial Ownership Information in a FinCEN Report?

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?

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