Everything You Need to Know About the Beneficial Ownership Information Report (BOIR) and How to File
As a small business owner, staying on top of compliance requirements is crucial to avoiding unnecessary fines and keeping your business running smoothly. A major deadline is coming faster than you think: all LLC owners must file a Beneficial Ownership Report (BOIR) by December 31, 2024.
This requirement is new under the Corporate Transparency Act (CTA), and many business owners may not yet be aware of it. We understand how challenging it can be to keep up with changing regulations, but we’re here to help make the process simple and stress-free. Failure to comply can result in severe penalties, so it’s important to act now to make sure your business remains in good standing.
At AKay Marketing, we’ve included this filing for clients who formed their LLCs with us this year. For clients with older LLCs, the new BOR requirement will need to be addressed. The good news? If you previously filed your LLC with us, we’ll assist you in completing this new requirement at no cost. If you’re handling it on your own, it’s a simple process, and we’re here to guide you every step of the way if needed.
Here’s what you need to know:
What is the Beneficial Ownership Information Report?
The BOIR is a federal filing managed by the Financial Crimes Enforcement Network (FinCEN). Its purpose is to increase transparency and prevent financial crimes by collecting information about individuals who own or control an LLC.
The report includes:
• Name
• Date of Birth
• Current Address
• Driver’s License or Passport Information
Filing this report ensures the government has a record of your LLC’s ownership structure.
Who Needs to File?
If you own or manage an LLC, you’re required to file a BOIR for each LLC you own. Even if your business is small or single-member, this applies to you.
What Makes This Filing New?
The Beneficial Ownership Information Report is a brand-new requirement for 2024. The filing only needs to be done once, unless certain changes occur, such as:
• A new owner is added to the LLC.
• An existing owner’s information changes (e.g., new address or updated ID).
In those cases, you’ll need to update the report within 30 days of the change.
Deadlines and Penalties
The deadline to file your Beneficial Ownership Information Report (BOIR) depends on when your company was created:
• For companies created before January 1, 2024, the deadline is January 1, 2025.
• For companies created in 2024, you have 90 days from your creation date to file.
• For companies created on or after January 1, 2025, you must file within 30 days of registration.
Missing this deadline comes with serious financial consequences:
• A daily fine of $595, up to a maximum of $10,000.
Avoid this stress by filing well before the deadline.
How to File Your Beneficial Ownership Information Report
Filing your BOIR is straightforward and free. Here’s how:
1. Gather the Required Information: Make sure you have the legal names, birth dates, current addresses, and ID numbers and pictures for all beneficial owners.
2. Visit FinCEN’s Website: Go to the official FinCEN portal to access the filing system.
3. Complete the Form: Enter the required information and double-check for accuracy.
4. Submit Your Report: Once submitted, save a copy of the confirmation for your records.
Need Help? AKay Marketing Can Assist!
If you formed your LLC with us this year, your Beneficial Ownership Information Report is already included. For older LLCs, we’re here to guide you through the process or answer any questions.
Filing your BOIR is quick and free, but if you prefer 1:1 assistance, just reach out.
With the December 31, 2024 deadline approaching, take action now to avoid costly fines. Protect your business by filing today!
