Starting January 1, 2025, most U.S. businesses are required to file Beneficial Ownership Information (BOI) with FinCEN under the Corporate Transparency Act. This critical step is part of the U.S. government’s effort to increase transparency and fight financial crimes.
Who needs to file?
Corporations, LLCs, and similar entities created or registered to do business in the U.S.
What’s required?
You must disclose the personal details of individuals who directly or indirectly own or control the company.
Penalties for non-compliance:
Civil penalties up to $500/day and criminal penalties of up to $10,000 or two years imprisonment.
At NYBACS, we assist clients in understanding the nuances of these filings and ensure timely and accurate submissions to avoid penalties.
Need help with BOI filing?
Get in touch with our compliance experts today.
