What is Beneficial Ownership Information (BOI) Report?

What is Beneficial Ownership Information (BOI) Report?

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published the new regulation. Starting on January 1, 2024, Small Entity registered in the U.S. need to file BOI reports to FinCEN every year. The report contains the information of the entity itself and the beneficial owners.

The entity should report at least one beneficial owner to FinCEN. The

beneficial owner includes as follows:

1. Exercises substantial control of the entity (e.g. CEO, Secretary, CFO)
2. Owns or controls at least 25 percent of the ownership interests of the entity

Beneficial owner information contains full legal name, date of birth, complete current address and identifying number like U.S. passport, State driver’s license or foreign passport. Entity information contains full legal name, complete current address, EIN, etc.

USCPA Sophie Luo (羅霞) reminds you that failure to report BOI, or the willful provision of false or fraudulent BOI may result in a civil or criminal penalties, including civil penalties up to $500 for each day that the violation continues, or criminal penalties including imprisonment up to two years or a fine of up to $10,000.

Read more: The Deadline of Beneficial Ownership Information Report

If you have any questions or need any further help,

please contact us at the USCPA Sophie Luo (羅霞) +886 980919600

or Email: ustaxproservice@gmail.com

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