07/26/2024
As of January 1, 2024, all state registered businesses are required to submit their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This is a new federal reporting requirement that provides information on the individuals who own or control the business.
A reporting company created or registered to do business in the United States before January 1, 2024, will have until January 1, 2025 to file its initial BOI report.
A reporting company created or registered on or after January 1, 2024, and before January 1 ,2025, will have 90 calendar days after the registration effective date to file its initial BOI report.
A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file its initial BOI report.
If you own multiple businesses, they each will need to report their own initial BOI report before the above deadlines.
Additional information on what a reporting company, a beneficial owner and the reporting requirements can be found on the website below.
The willful failure to report a complete or fraudulent BOI report to FinCEN may result in civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000. They are serious about this.
Please make sure that the URL you go to is a .gov website before submitting your report(s). If you go through a third-party, make sure that they are legitimate. There are a lot of scammers out there already taking money and not filing the reports.
The .gov website for the Beneficial Ownership Information reporting is at: https://www.fincen.gov/boi
If you would like TCU to file the report(s) for you, please contact our office at 801-253-3072 via text or phone call. We can also be reached via email at [email protected].
Please let us know if you have any questions. Thank You!!
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