FinCEN’s Estimate of Time & Cost to File a FinCEN Report
Question: How much time will I have to spend if I do a “do-it-yourself” FinCEN report?
Answer: The following text is from a Notice by the U.S. Treasury Department on 09/29/2023.
- FinCEN estimates that 32,556,929 entities will submit initial beneficial owner information reports (“BOIRs”) in Year 1 (2024). In Year 2 (2025) and beyond, FinCEN estimates that the number of initial BOIRs filed will be 4,998,468 per year.
- FinCEN estimates the average burden of reporting BOI as 90 minutes per response for [. . .]