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Writer's picturePeter M

New Requirements for Filing the FinCEN Beneficial Ownership Information (BOI) Report


Businesses across the U.S. face a new requirement for reporting Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Starting 2024 the Corporate Transparency Act (CTA) mandated certain entities to disclose their beneficial ownership to combat money laundering, fraud, and tax evasion. As part of Seattle Controller LLC's commitment to keeping you informed, we’ll walk through these requirements and how your business may be affected.


Who Needs to File?

FinCEN’s new rule impacts many U.S. businesses, particularly smaller entities. Reporting companies generally include corporations, limited liability companies, and other entities registered in the U.S. or foreign entities operating within the U.S. Certain businesses, like large public corporations, regulated entities (such as banks), and inactive entities, may qualify for exemptions.


What Information Must Be Reported?

Each business must provide specific details on its beneficial owners — individuals who exercise significant control or own at least 25% of the company. Required information includes:

  • Full legal name

  • Date of birth

  • Residential or business address

  • Unique identifier (such as a passport number or driver’s license number)

This reporting also applies to “company applicants,” individuals who file to create or register the business.


How to Submit Your BOI Report

Filings are made directly with FinCEN, and the process includes both an initial filing and annual updates. If any changes in ownership or management occur, companies must submit updates within 30 days of the change. Initial reports are due:

  • By January 1, 2025, for companies created or registered before January 1, 2024.

  • Within 30 days for companies formed after January 1, 2024.


Compliance and Penalties

Failing to file or submitting false information can lead to significant penalties, including fines and potential criminal liability. As these rules carry heavy compliance burdens, we recommend setting up systems to track ownership changes and ensure timely reporting.


Seattle Controller LLC offers support in navigating these requirements. From determining if your business qualifies for exemptions to preparing and filing BOI reports, we’re here to ensure you meet FinCEN’s requirements efficiently and accurately.

For assistance, feel free to reach out to us at admin@seattlecontroller.com.

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