The U.S. Financial Crimes Enforcement Network (FinCEN) issued a new Beneficial Owner Information (BOI) reporting rule in 2024 to help protect national security and prevent financial abuse. The ruling was challenged and has since been updated.
Who must comply with the new rule
This updated rule revises the definition of a reporting company.
Beneficial ownership information reporting is now required for entities that are formed in a foreign country and that have registered to do business in any U.S. state. (Note that this rule exempts any foreign reporting company from reporting beneficial ownership information of U.S. persons who are beneficial owners of the foreign reporting company.)
- Businesses formed in 2024 must file within 90 days of formation
- Deadline for businesses formed before 2024 is March 21st, 2025
- Failure to file may result in a $591-per-day fine, up to a total of $10,000
What to do next
Visit this page for more details on who will be required to submit a BOI report and how to do so.
For additional questions and assistance, contact our team.