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What is BOI?

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The Beneficial Ownership Information (BOI) report is part of the Corporate Transparency Act (CTA) that Congress passed in 2021 which establishes uniform reporting requirements for businesses. The BOI lays out in personal detail who owns a business and contains personal identifying information about a company’s beneficial owners. The CTA and Beneficial Ownership Reporting is part of the U.S. government’s efforts to crack down on money laundering, financing of terrorism, tax fraud, and other illegal acts.

Business owners file the BOI with FinCEN - the U.S. Department of Treasury’s Financial Crimes Enforcement Network - which issues the regulation providing the details on who must file a report, when it has to be filed, and what information has to be reported. This type of report is new to the United States, but it’s already quite common in many other developed countries.

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Compliance is mandatory

  • Engage with Venning to understand your reporting requirements

  • This is a federal filing. There is no state filing involved.

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Avoid the harsh penalties

  • Civil penalty of up to $500 for each day the violation continues and criminal fines of up to $10,000, imprisonment for up to two years, or both

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File now with Venning BOI services

  • We work with you and other key advisors in a coordinated and collaborative approach to ensure complete and accurate filings for each entity

Key Deadlines

  • The new deadline for reporting companies to file an initial, updated, or corrected BOI report is now March 21, 2025. FinCEN will update if further modifications are needed before this date.

  • Companies with a later deadline than March 21, 2025, (e.g., those granted disaster relief extensions) must adhere to their specific deadline, not the March one.

  • As noted in "Notice Regarding National Small Business United v. Yellen," companies associated with Isaac Winkles and the National Small Business Association (as of March 1, 2024) are not currently required to report their BOI to FinCEN.

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