A Step-by-Step Guide on How to Do the New FinCEN BoI Report

📋The FinCEN BoI report is a new requirement for companies starting January 1st, 2024.

📝Companies registered before January 1st, 2024, have until January 1st, 2025, to file the FinCEN BoI report.

❗Companies registered on or after January 1st, 2024, have 90 days to file the FinCEN BoI report.

💼Big corporations, banks, credit unions, financial institutions, and large operating companies are exempt from filing the FinCEN BoI report.

⚖️Failure to file the FinCEN BoI report can result in civil penalties of up to $500 per day and criminal penalties of up to 2 years in prison and $10,000 fine.

Who needs to file the FinCEN BoI report?

—Companies registered before January 1st, 2024, have until January 1st, 2025, to file the FinCEN BoI report. Companies registered on or after January 1st, 2024, have 90 days to file the report.

Are there any exemptions for filing the FinCEN BoI report?

—Yes, big corporations, banks, credit unions, financial institutions, and large operating companies are exempt from filing the FinCEN BoI report.

What are the penalties for not filing the FinCEN BoI report?

—Failure to file the FinCEN BoI report can result in civil penalties of up to $500 per day and criminal penalties of up to 2 years in prison and $10,000 fine.

Is there a specific online platform to file the FinCEN BoI report?

—Yes, you can file the FinCEN BoI report online through the FinCEN website. You will need to create a FinCEN ID number, which is recommended for every business owner.

Where can I find more information about the FinCEN BoI report?

—For more information, visit the FinCEN website and review the beneficial ownership information section.

00:01Introduction to Freedom Tax Accounting and the step-by-step guide for the FinCEN BoI report.

00:11Explanation of the FinCEN BoI report and its significance for companies starting January 1st, 2024.

01:21Clarification on the filing deadline based on the company registration date.

02:30Exceptions to the FinCEN BoI report requirement for certain types of companies.

03:21Penalties for failure to file the FinCEN BoI report and the importance of timely compliance.

03:47Step-by-step instructions on how to file the FinCEN BoI report using the BoE filing system.

05:52Detailed information on the beneficial owner requirements and the importance of obtaining a FinCEN ID number.

15:18Confirmation of successful submission of the FinCEN BoI report, including tracking number and reporting company FinCEN ID number.