2024 Federal Requirement: The Corporate Transparency Act requires businesses to file FinCEN’s Beneficial Ownership Information Report. Get the eBook for Firms & Filers

BOI Reporting Checklist with FincenFetch

Starting January 1, 2024, small businesses have a new task – filing a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). 

This is due to a law called the Corporate Transparency Act, and more than 32 million small businesses need to do it. 

Breaking this law could mean a fine of $500 a day or, in serious cases, up to $10,000 in fines and two years in jail.

Filing a BOI report can feel overwhelming, especially for those unfamiliar with the regulatory requirements.

However, breaking down the process into manageable steps allows for a smoother process.

Let’s take a look at our simple checklist for small businesses:

Step 1 – Know if You Need to Report BOI:

  • Check what kind of business you have (like an LLC, corporation, or something else).
  • If it’s an LLC or corporation, you must file a report unless there’s a special rule. You might still need to report if it’s something else, so check the rules or ask a lawyer.
  • Use FincenFetch’s handy exemption tool to see if your business is exempt.

Step 2 – See if You Can Skip BOI Reporting:

businesses filing boi reports with FincenFetch.
  • Check if your small business is “big” enough not to report (more than 20 full-time workers, an office in the U.S., and over $5 million in sales).
  • Check if your business is “inactive” (not doing business, not owned by someone from another country, and hasn’t changed owners or moved money around a lot in the last year).
  • Ask a lawyer or use FincenFetch’s exemption tool if you need clarification.

Step 3 – Reporting Time:

  • Find out who’s a beneficial owner or in charge of your business (people who control it or own a lot of it).
  • Let these people know that the law requires you to share some information about them with FinCEN. 
  • Utilize FincenFetch’s secure and simple platform to set up your account. Send a Fetch link to beneficial owners for easy info collection.

Step 4 – Keep BOI Info Safe:

  • Make a plan to keep all this info up to date-and safe. If you don’t have a plan, think about getting software to help, like FincenFetch.

boi report customer success team at FincenFetch.

Step 5 – Report Decision:

Step 6 – Do it Again for Each Business:

  • Do all these steps for every small business you own.

Step 7 – Additional Considerations:

  • Consider discontinuing any businesses that are unnecessary or unused.
  • Consider revising the policies for individuals holding significant ownership in your business.

BOI Reporting is Here:

Use this easy checklist and FincenFetch to ensure you’re doing what you must for the Corporate Transparency Act.

To learn more about how FincenFetch can help with BOI reporting, schedule a complimentary demonstration or go to CorporateTransparencyAct.org for updates.

Charles Wismer
Charles Wismer

CEO at FincenFetch helping the U.S.professional services industry support FinCEN's new national security initiative to launch the Corporate Transparency Act. Prior fund manager and Fintech founder.

Charles Wismer
Charles Wismer

CEO at FincenFetch helping the U.S.professional services industry support FinCEN's new national security initiative to launch the Corporate Transparency Act. Prior fund manager and Fintech founder.

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