New 2024 Reporting Requirement

Beneficial Ownership Information (BOI) Reporting is a new reporting requirement in effect in 2024 for all reporting companies. Reporting companies are entities created or registered in the United States by filing a document with the Secretary of State or similar office.

• Where To File This Report:  You can file the report(s), at no charge, directly with FinCEN at  https://boiefiling.fincen.gov/fileboir  or Dreher Martin CPAs, P.A. has partnered with Harbor Compliance to simplify your filing experience. The fee to file is $199 annually per entity. This service can be accessed here:  https://forms.harborcompliance.com/team/harbor-compliance/drehermartin If you have questions if you are required to file, who is a beneficial owner, etc., we will be happy to provide a referral to an attorney.
• What You’ll Need to Provide: For this filing, you’ll need to provide details for each beneficial owner, including their legal name, birth date, home address, identifying numbers from licenses, state IDs, or passports, and an image of the associated document.  As a reminder, a beneficial owner is any individual who directly or indirectly exercises control over the reporting company or directly or indirectly owns or controls 25% ownership interests of the reporting company. In addition to beneficial owner information, you will need to provide company details such as its legal name, any “doing business as” (d/b/a) names, jurisdiction information, and taxpayer identification number.
• When You Will Need to File This Report:  For companies registered before January 1, 2024, the filing is to be completed between January 2024 and January 1, 2025 and is mandatory for most corporations (S corp or C corp) and limited liability companies (LLC) unless your business qualifies for any exemptions.   You can find the list of exemptions at this  link.

For new companies formed in 2024, the filing must be completed within 90 days of forming the entity.

The report will also need to be updated whenever any of the information provided on the original filing changes. This would include a new address, name change, or updated driver’s license. I encourage you to learn more about BOI reporting  using this link.

Please Note: Dreher Martin CPAs, P.A. cannot file the report on your behalf nor answer any legal questions.