New Update: Beneficial Ownership Information (BOI) Report
December 28, 2024
Notice: Filing Beneficial Ownership Information (BOI) Report is Optional
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In response to a recent federal court order, reporting companies are currently not required to file Beneficial Ownership Information (BOI) with FinCEN and will not be liable for non-compliance while the order remains in effect.
Voluntary Filing Still Available
Companies may still voluntarily submit BOI reports. ​
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What is the BOI Report?​
BOI Reports disclose the individuals who ultimately own or control a legal entity, such as a company or trust. These reports include details such as the owners' names, ownership percentages, and control over the entity. The purpose of BOI reports is to enhance transparency, combat money laundering, and prevent illicit activities.
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*The deadline for BOI submissions has been updated multiple times. The most recent update is provided here, as referenced from the FinCEN website.
Five-Minute Demo: How to File a Beneficial Ownership Information (BOI) Report
This video walks through how to report beneficial ownership information (BOI) using the Financial Crimes Enforcement Network (FinCEN)’s E-Filing System. To combat illicit finance, many companies are required to report information to FinCEN, a U.S. Treasury Department bureau, about the real people who own or control them. Learn more at fincen.gov/boi.
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L & M Tax Plus is not responsible for the accuracy, completeness, or reliability of the information presented in this video, as it has been provided by the Financial Crimes Enforcement Network (FinCEN).