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Beneficial Ownership Information (BOI) Reporting

FinCEN's New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

At CVNB, we prioritize keeping our customers informed about significant regulatory changes that may affect their businesses. In this page, you'll find information about FinCEN's New Federal Reporting Requirement for Beneficial Ownership Information (BOI) and guidance on how to navigate this process.

If you have any questions or require further assistance reporting obligations, please consult with professional service providers such as lawyers or accountants.

Who Has to Report?

Companies required to report are called reporting companies. Reporting companies may have to obtain information from their beneficial owners and report that information to FinCEN.

When Do I Report?

Reports will be accepted starting on January 1, 2024.

If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI.
If your company was created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
If your company was created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days. FinCEN cannot accept reports before January 1, 2024.

Getting Started

Here are a few things you need to know to help you get started on filling your company's BOI report:

There is no fee for submitting your beneficial ownership information report to FinCEN.
There is no annual reporting requirement. Reporting companies must file an initial BOI report and updated or corrected BOI reports as needed.
For each individual who is a beneficial owner, a reporting company will have to provide:
- The individual’s name
- Date of birth
- Residential address
- An identifying number from an acceptable identification document such as a passport or U.S. driver’s license, and the name of the issuing state or jurisdiction of identification document.
- The reporting company will also have to report an image of the identification document used to obtain the identifying number in item 4.

Helpful Resources

To learn more about the BOI report, please visit the resource links provided below:

FinCEN’s BOI Small Business Resources includes additional information on what must be reported on your BOI report, such a compliance guide, quick references, information videos, etc.

FinCEN’s BOI Small Business Resources site

If you have any questions or require further assistance reporting obligations, please consult with professional service providers such as lawyers or accountants.