Top Five Questions About the New FSEN Boi Report

📝The FSEN Boi report is a new federal report designed to combat fraud, scams, and money laundering by providing increased transparency in business ownership.

❓Businesses registered before January 1st, 2024, have until January 1st, 2025, to file the Boi report, while those registered on or after January 1st, 2024, have 90 days from registration.

💰There are civil penalties of up to $500 per day for non-compliance with the Boi report, as well as criminal penalties, including a prison sentence of up to two years and fines of up to $10,000.

📝The Boi report requires information about the business, including its legal name, address, and tax identification number. It also requires information about the owners, including their full name, date of birth, address, and a government-issued ID.

🌐The Boi report can be filed online on the FinCEN website or with the assistance of accounting firms that offer the service.

What is the FSEN Boi report?

—The FSEN Boi report is a new federal report introduced to enhance transparency in business ownership and combat fraud, scams, and money laundering.

Who needs to file the Boi report?

—Any reporting company that was registered before January 1st, 2024, or registered on or after January 1st, 2024, and meets certain criteria, needs to file the Boi report.

What are the penalties for not filing the Boi report?

—There are civil penalties of up to $500 per day for non-compliance and criminal penalties, including a prison sentence of up to two years and fines of up to $10,000.

What information is required in the Boi report?

—The Boi report requires information about the business, such as its legal name, address, and tax identification number. It also requires information about the owners, including their full name, date of birth, address, and a government-issued ID.

Where can I file the Boi report?

—The Boi report can be filed online on the FinCEN website or with the assistance of accounting firms that offer the service.

00:15The FSEN Boi report aims to combat fraud, scams, and money laundering in small businesses by increasing transparency in business ownership.

00:47The Boi report is a federal report required by the Corporate Transparency Act to provide information about the owners of US business entities.

02:16Businesses registered before January 1st, 2024, have until January 1st, 2025, to file the Boi report, while those registered on or after January 1st, 2024, have 90 days from registration.

05:01Failure to file the Boi report can result in civil penalties of up to $500 per day and criminal penalties, including imprisonment and fines.

06:43The Boi report requires information about the business, including its legal name, address, and tax identification number. It also requires information about the owners, such as their full name, date of birth, address, and a government-issued ID.