Beneficial Owner Information Reporting (Financial Crimes Enforcement Network)

Beginning on Jan. 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury. Most small businesses may need to file. Your company may need to report information about its beneficial owners if it is: A corporation, an S Corp, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state (DBA or License) or any similar office under the law of a state or Indian tribe. Owners of multiple businesses will need to file a BOI for each entity.

NOTE: There is no filing fee charged by FinCEN for companies that complete the filing themselves. This is not an Internal Revenue Service (IRS) issue.

Reports will be accepted starting on Jan. 1, 2024.

• If your company was created or registered before Jan. 1, 2024, you will have until Jan. 1, 2025, to report BOI.

• If your company is created or registered on or after Jan. 1, 2024, and before Jan. 1, 2025, you must report BOI within 90 days of notice of creation or registration.

• If your company is created or registered on or after Jan. 1, 2025, you must report BOI within 30 days of notice of creation or registration.

There are significant penalties for missing filing deadlines, including criminal (fines and/or imprisonment) or civil (monetary) penalties. There is a $500 per day penalty, up to $10,000, and imprisonment of up to two years for the WILLFUL failure to timely file initial or updated reports.

If you would like Premier to provide this service we will prepare your BOI report based on the information you provide.

Our fee will be based on the amount of time expended plus out-of-pocket expenses. However, a minimum fee of $ 34.00 will be charged for the preparation and filing of a single BOI Report.

Again, please note that you could complete the filing yourself online for Free at: www.fincen.gov/boi