{"id":2193,"date":"2024-01-24T18:44:33","date_gmt":"2024-01-24T18:44:33","guid":{"rendered":"https:\/\/www.tax1099.com\/blog\/?p=2193"},"modified":"2025-09-23T07:19:28","modified_gmt":"2025-09-23T07:19:28","slug":"fincen-boi-reporting","status":"publish","type":"post","link":"https:\/\/www.tax1099.com\/blog\/fincen-boi-reporting\/","title":{"rendered":"FINCEN BOI Reporting\u202f\u00a0"},"content":{"rendered":"\r\n

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)\u202f<\/p>\r\n\r\n\r\n\r\n

1. Who Has to Report?\u202f\u00a0<\/h2>\r\n\r\n\r\n\r\n

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.<\/p>\r\n\r\n\r\n\r\n

Your company may be a reporting company and need to report information about its beneficial owners if your company is:<\/p>\r\n\r\n\r\n\r\n

    \r\n
  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;<\/li>\r\n\r\n\r\n\r\n
  2. or 2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

    2. Who Does Not Have to Report?<\/h2>\r\n\r\n\r\n\r\n

    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.\u202f FinCEN\u2019s 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<\/a>\u202f\u00a0<\/p>\r\n\r\n\r\n\r\n

    3. How Do I Report?<\/h2>\r\n\r\n\r\n\r\n

    \u202fReporting companies will have to report beneficial ownership information electronically through FinCEN\u2019s website: www.fincen.gov\/boi \u2022 The system will provide the filer with confirmation of receipt once a completed report is filed with FinCEN.\u202f\u00a0
    *Zenwork is building APIs\/ UI as a third-party filer to assist reporting companies in meeting their BOI reporting requirements.\u202f\u202f\u00a0<\/p>\r\n\r\n