FinCEN and Beneficial Ownership Information Report Status and Fraud Alert
Important Caution and Considerations
FinCEN issued warnings of fraud by persons and companies offering to help with filing but then stealing and misusing private owner information. See below for additional information. Registration should be completed only by someone at your business or a trusted professional. The requirements for FinCEN filing of a Beneficial Ownership Information (BOI) Report change rapidly. We strive to provide up-to-date information, but you should not rely on this website for official information. Contact us for the latest information on filing requirements and whether we can assist. The official FinCEN registration portal is a .gov website - not .org or .com. Click here to visit the official government website.
Current Status
As of January 27, 2025, filing of a BOI Report remains voluntary. Businesses may proactively choose to report, but those concerned about sharing confidential ownership information with government agencies may continue to wait to determine if filing is mandated.
What Types of Businesses Must File?
Unless exempt, any entity registered with a secretary of state will file a BOI Report, such as:
What is Required in a BOI Report - Important Confidentiality Considerations
Persons identified below must provide their name, residential address, tax ID, and copy of government-issued ID.
How to Avoid Fraud
Registration with FinCEN requires providing confidential information, such as the owner's birth date and a driver's license copy. In the wrong hands, the information may be used to further fraud and cause substantial harm to the owner. Trust filing to someone in your business or a professional you trust or with whom you have a relationship. Some helpful tips:
Our Clients Who May Be Exempt from Filing
FinCEN offers very limited exemptions for certain categories of businesses. Some of our clients may be exempt from registration, including:
Final Thoughts
The BOI Reporting requirements are important to avoid money laundering and other financial crimes. The courts are addressing concerns regarding privacy and whether the reporting violates certain Constitutional rights. For those clients with no privacy concerns, proactive and voluntary filing is an option. Those concerned about privacy or government intrusion may wait to file until the reporting requirement is resolved and the mandate to file is clearer. We can help you decide which option is best and provide you updated advice to help you ensure you comply with laws governing your business. Click here to contact us.
Important Caution and Considerations
FinCEN issued warnings of fraud by persons and companies offering to help with filing but then stealing and misusing private owner information. See below for additional information. Registration should be completed only by someone at your business or a trusted professional. The requirements for FinCEN filing of a Beneficial Ownership Information (BOI) Report change rapidly. We strive to provide up-to-date information, but you should not rely on this website for official information. Contact us for the latest information on filing requirements and whether we can assist. The official FinCEN registration portal is a .gov website - not .org or .com. Click here to visit the official government website.
Current Status
As of January 27, 2025, filing of a BOI Report remains voluntary. Businesses may proactively choose to report, but those concerned about sharing confidential ownership information with government agencies may continue to wait to determine if filing is mandated.
What Types of Businesses Must File?
Unless exempt, any entity registered with a secretary of state will file a BOI Report, such as:
- Corporations
- Limited Liability Companies
- Limited Partnerships
- Any other entity registered with the Secretary of State
What is Required in a BOI Report - Important Confidentiality Considerations
Persons identified below must provide their name, residential address, tax ID, and copy of government-issued ID.
- Company Applicant: A company applicant is the individual or entity submitting the application on behalf of the business. Examples of company applicants include the business' accountant or attorney, or an officer, director, or controlling individual of the reporting business.
- Beneficial Owner: An owner having 25% or more ownership or any person with control or influence in the business. The most common examples include shareholders, LLC members, or directors or officers exercising "substantial control" of the business.
How to Avoid Fraud
Registration with FinCEN requires providing confidential information, such as the owner's birth date and a driver's license copy. In the wrong hands, the information may be used to further fraud and cause substantial harm to the owner. Trust filing to someone in your business or a professional you trust or with whom you have a relationship. Some helpful tips:
- Never email any confidential information to anyone.
- Avoid registration on a .org or .com website.
- Unless to your attorney or accountant, never pay for services by ACH or with banking information.
- Scams often include a fraudulent request for a filing fee or a penalty for late filing.
- FinCEN does not charge a fee for registration or reporting.
- Do not provide any confidential information over the phone or by fax.
- Ensure confidential information is provided in only one of two places:
- To a secure and encrypted portal provided by your attorney or accountant; or
- On the FinCEN portal at https://boiefiling.fincen.gov
Our Clients Who May Be Exempt from Filing
FinCEN offers very limited exemptions for certain categories of businesses. Some of our clients may be exempt from registration, including:
- Accounting Firms
- Insurance Companies and State-Licensed Producers
- Tax-Exempt Entities
- Inactive Entities
- Seek Legal Advice: Fines for failure to file a BOI Report are significant. Before deciding whether the business is exempt, seek out legal advice.
Final Thoughts
The BOI Reporting requirements are important to avoid money laundering and other financial crimes. The courts are addressing concerns regarding privacy and whether the reporting violates certain Constitutional rights. For those clients with no privacy concerns, proactive and voluntary filing is an option. Those concerned about privacy or government intrusion may wait to file until the reporting requirement is resolved and the mandate to file is clearer. We can help you decide which option is best and provide you updated advice to help you ensure you comply with laws governing your business. Click here to contact us.