Most entities that exist in the United States are required by the CTA to file a FinCEN report that discloses information about all of the entities’ “beneficial owners” unless the entity is exempt. See the list of 30 types of entities that are exempt from the CTA and that do not have to file a FinCEN report. If your company is not one of the 30 types of companies that are exempt from the CTA then it must file a FinCEN report before the due date or be subject to the $500/day fine.
Due Dates of FinCEN Reports Required by the Corporate Transparency Act (CTA)
Only entities that are “reporting companies” must file a CTA FinCEN report. To learn if an entity is a reporting company see “Who Must File a FinCEN Report?” Here are the three scenarios and three report due dates that apply to CTA FinCEN reports.
Reporting companies formed before 2024
All reporting companies formed before 2024 must file their initial FinCEN report after December 31, 2023, and before January 1, 2025.
Reporting companies formed in 2024
All reporting companies formed in 2024 must file their FinCEN report not later than 90 days after the entity was formed/created.
Reporting companies formed after 2024
All reporting companies formed after 2024 must file their FinCEN report not later than 30 days after the entity was formed/created.
Reporting companies that filed a FinCEN report and information in the report changed
If any information about a beneficial owner disclosed in a FinCEN report changes, the reporting company must file an amended FinCEN report not later than thirty days after the change. Here are examples of common changes that would require a reporting company to amend its FinCEN report:
- a new owner acquires 25% or more of the reporting company
- an owner that previously owned less than 25% becomes an owner of 25% or more of the reporting company
- a beneficial owner who owned 25% or more dies
- a beneficial owner’s address stated in the most recent FinCEN report changes, i.e., the beneficial owner moved.
- a beneficial owner replaces his or her driver’s license, passport or document listed in the most recent FinCEN report.
- a person named in a FinCEN report as a beneficial owner ceases to be a beneficial owner.
A beneficial owner is an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise (i) exercises substantial control over the entity; or (ii) owns or controls not less than 25 percent of the ownership interests of the entity.
Amendments to a FinCEN report must be filed within thirty days after the event that requires the reporting company to file the amended FinCEN report. At this time FinCEN does not have a procedure for an entity to file an amended FinCEN report, which means reporting companies cannot file an amended FinCEN report at this time.
Hire Us to File to Prepare & File a FinCEN Report
BoiRR purpose is to inform people about the Corporate Transparency Act and to prepare and file reporting companies’ initial and amended CTA FinCEN reports. To hire us to prepare and file an initial or an amended FinCEN report go to our Services page.
Hire Us to File a FinCEN Report
Get peace of mind your company won’t be fined $500/day by hiring us to file your reporting company’s FinCEN BOI report. After you pay you will be able to enter your company, beneficial owner, and applicant info in our ISO/IEC 27001 secure online system in 5 – 10 minutes and your company’s report will be filed electronically with FinCEN. After filing we will email the filed report to the company’s contact person.
