The business world is buzzing with the released deadlines for filing beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). While the requirements stem from the Anti-Money Laundering Act passed in 2021 as part of the National Defense Authorization Act, the BOI reporting requirements are effective as of January 1, 2024.

What does this mean for your business or organization? You are required to disclose all beneficial owners in a timely manner – for businesses formed or registered before January 1, 2024, you have until January 1, 2025, to file the initial BOI report. Businesses formed more recently have dynamic due dates.

I know I have to submit BOI to FinCEN. Now what?

If you are required to report your company’s beneficial ownership information to FinCEN, you can do so electronically through a secure filing system available via FinCEN’s BOI E-Filing website. Access the form by clicking the link, then select “File BOIR” and follow the prompts.

There is no fee for submitting your beneficial ownership information report to FinCEN.

Can someone else do this for me?

Yes! We understand that new BOI reporting requirements can be a bit confusing for some business owners, and it might not always be easy to identify who qualifies as a “beneficial owner.” But no worries! Propel can help.

FinCEN authorizes external individuals to act on a reporting company’s behalf. We can help you gather the required information, submit your information accurately, and stay on top of any future reporting deadlines. Say hello and our team of business formation and compliance experts will step up to support. Let’s get your BOI report filed today!