Do I Need to File a BOI Report? The What and How Behind This New Filing Requirement

New in 2024, any business in the United States will be required to file a Beneficial Ownership Information (BOI) report. There are a few exemptions that can be found on the FinCEN website (link below).

See below for your filing requirement surrounding this report: 

• For businesses created or registered on or after January 1, 2024: You must report beneficial ownership information (BOI) within 90 days of your company’s formation. If DBN Tax set up your business in 2024, this initial filing is already done.

• For businesses created or registered before January 1, 2024: You have until December 31, 2024, to complete this initial filing. DBN Tax is not providing this service for existing businesses, so you as the business owner will be responsible for the filing.

• For all businesses: Any updates or corrections to previously filed BOI (such as changes in address, ownership, or a new DBA) must be submitted within 30 days of the change.

Initial Filing for New and Existing Entities:

• Go to: https://boiefiling.fincen.gov/

• Click “Get Started” next to the BOI Reporting E-Filing

• Click “Prepare & Submit BOIR”

There are penalties associated with late or inaccurate filings. Please visit https://www.fincen.gov/boi-faqs for more information on this filing.

If you have any additional questions, please consult with your DBN Tax advisor.