The Financial Crimes Enforcement Network (FinCEN) has launched a new reporting requirement for businesses to disclose their beneficial ownership information (BOI). This initiative aims to enhance transparency and combat financial crimes. Here’s what Arvada businesses need to know:
Key Deadlines:
1. If your company was created or registered before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
2. Companies created or registered in 2024 have 90 calendar days from receiving notice of effective registration to file.
3. For companies created or registered on or after January 1, 2025, the filing deadline will be 30 days from the creation or registration date.
How to Report:
FinCEN has launched the BOI E-Filing website (https://boiefiling.fincen.gov) for submitting reports. The process is designed to be straightforward and can be completed without professional assistance.
Important Warning:
Be cautious of third-party websites offering to file BOI reports for a fee. These services are unnecessary, as FinCEN does not charge a fee for submitting BOI reports. You can file directly through the official FinCEN website without incurring any costs.
What to Report:
Companies will need to provide information about themselves, their beneficial owners (individuals who own or control the company), and in some cases, their company applicants.
Stay Informed:
For the latest updates and detailed guidance, visit FinCEN’s official BOI webpage at www.fincen.gov/boi. You can also subscribe to email updates from FinCEN regarding BOI reporting obligations.
Questions? Please contact Ali Stofflet, Arvada Chamber Director of Business Outreach & Growth at ali@arvadachamber.org.
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