Information for Small Business Owners on Filing Beneficial Ownership Information (BOI) Reports

10/15/2024 4:58 PM - Blog Post

*First National Community Bank’s blog does not constitute legal, tax, accounting, investment or other professional advice. Recipients should consult their professional advisors for advice.

A Beneficial Ownership Information (BOI) Report is a required report of ownership information about the individuals who directly or indirectly own or control a company. Most small businesses, including LLCs and corporations, are required to submit these reports. Filing is free of charge and a report only needs to be submitted once (not an annual requirement), unless the filer needs to update or correct information. We have outlined important information below and have provided a link to the Financial Crimes Enforcement Network (FinCEN) toolkit below to learn more:

BOI Reporting Deadlines: Deadlines vary depending on whether an existing or new company. Existing companies that have been created or registered to do business in the United States before January 1, 2024 are required to file by January 1, 2025. New companies that were created or registered to do business in the United States in 2024 have 90 calendar days to file.

How to File A BOI Report: Businesses should familiarize themselves with the BOI filing process and can file at https://boiefiling.fincen.gov/ or visit https://www.fincen.gov/boi for more information.

The Importance of Compliance: It is critical that businesses file their BOI reports timely. Penalties for non-compliance are outlined in the toolkit outlined below.

Small businesses are encouraged not to wait until the last minute to file their BOI reports. Proactive compliance is critical to ensure deadlines are met and BOI reporting requirements are satisfied. For a link to the Toolkit, visit: https://www.fincen.gov/boi/toolkit

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