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FINCEN BOI Reporting  

FINCEN BOI Reporting 

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company to Financial Crimes Enforcement Network (FinCEN) 

1. Who Has to Report?  

Companies required to report are called reporting companies. Reporting companies may have to obtain information from their beneficial owners and report that information to FinCEN.

Your company may be a reporting company and need to report information about its beneficial owners if your company is:

  1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe;
  2. or 2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

2. Who Does Not Have to Report?

Twenty-three types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies, nonprofits, and certain large operating companies.  FinCEN’s Small Entity Compliance Guide includes checklists for each of the 23 exemptions that may help determine whether your company qualifies for an exemption- Small Entity Compliance Guide | FinCEN.gov  

3. How Do I Report?

 Reporting companies will have to report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi • The system will provide the filer with confirmation of receipt once a completed report is filed with FinCEN.  
*Zenwork is building APIs/ UI as a third-party filer to assist reporting companies in meeting their BOI reporting requirements.   

4. When Do I Report?

Reports will be accepted starting on January 1, 2024.  

  1. If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI.
  2. If your company was created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
  3. If your company was created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
  4. Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

Tax1099 product feature related information 

  • When will this feature be available?   

    • We are expecting this feature to be available at the end of February 2024.  

  • Pricing – How much do you charge to report FINCEN BOI?  

    • Pricing will be based on volume and there will be rolling discounts for large filers.  

    • We will have an option to pay as you go, monthly and yearly subscriptions.  

  • Filing Methods – We will have three ways to report BOI to the FINCEN -  

    • Use our website Tax1099 to enter data manually one business at a time or select an existing business/payer from your payer list  

    • Use our bulk import template to import and report business data in bulk.  

    • API – this requires an enterprise subscription for the Tax1099 website.  

For further question or support, please reach out to support@tax1099.com