Practice News
FinCen BOI deadline is Dec. 31, 2024 - What You Need to Know
Te 12/31/2024 deadline to file the FinCen BOI (Beneficial Owner Information) Report is fast approaching. All corporations, scorps, LLCs, and partnerships are required to file. Exempt organizations and sole- proprietorships do not have to file.
Unlike the annual Secretary of State filing, a report only needs to be submitted once, unless the filer needs to update or correct information.
Failure to file the BOI report can result in heavy penalties and fines. (Entities created after 01/01/2024 have ninety days from creation to file the report.)
It’s a very easy process and should not take long to complete. Below is the link to file the report. It is not as intimidating as it seems – you essentially must provide your address, driver’s license, and basic information. Once the initial report is filed, you will not have to file again unless there are changes.
Te online report does require uploading a photo copy of a state ID or passport at the end of the report. You can take a screenshot on your phone, email it to your computer, and have it ready to upload at the end of the report.
YouTube walkthrough from the IRS giving you step by step instructions complete the filing online:
https://www.youtube.com/watch?v=GydCvfbKxPw Direct link to the e-filing page:
https://boiefiling.fincen.gov/boir/html Tis is a link to the Fin Cen BOIR Help page with additional guides and answers:
https://boiefiling.fincen.gov/help
Tis is provided for informational use only,
reach out to your CPA
for questions regarding your filing responsibilities.
16 KVMA News
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