{"id":1324,"date":"2025-02-26T10:46:58","date_gmt":"2025-02-26T10:46:58","guid":{"rendered":"https:\/\/wcginc.com\/?p=1324"},"modified":"2026-01-26T16:49:14","modified_gmt":"2026-01-26T16:49:14","slug":"fincen-beneficial-ownership-information","status":"publish","type":"post","link":"https:\/\/wcginc.com\/blog\/fincen-beneficial-ownership-information\/","title":{"rendered":"FinCEN Beneficial Ownership Information"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-68b8040e1bcc5\" class=\" wd-rs-68b8040e1bcc5 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<div class=\"overview\">\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span><b>Key Takeaways<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><b>New federal filing for most small businesses (99% affected)<\/b> \u2014 part of the Corporate Transparency Act starting Jan. 1, 2024.<\/li>\n<li><b>Purpose:<\/b> create a secure government database to identify owners of companies and prevent illegal activities.<\/li>\n<li><b>Who must file:<\/b> corporations, LLCs, and similar entities (rental LLCs included); <b>exemptions<\/b> include sole proprietors, large businesses, nonprofits, and certain regulated industries.<\/li>\n<li><b>What you must report:<\/b> each owner\u2019s full name, birth date, residential address, ID number, and an image of the ID.<\/li>\n<li><b>When to file:<\/b>\n<ul>\n<li>Businesses formed before 2024 \u2014 file by Jan. 1, 2025.<\/li>\n<li>Businesses formed in 2024 \u2014 file within 90 days.<\/li>\n<li>Businesses formed on\/after Jan. 1, 2025 \u2014 file within 30 days.<\/li>\n<\/ul>\n<\/li>\n<li><b>How to file:<\/b> online through FinCEN\u2019s Beneficial Ownership Secure System (BOSS); no filing fee.<\/li>\n<li><b>Penalties for non-compliance:<\/b> $500 per day up to $10,000.<\/li>\n<li><b>One-and-done filing<\/b> \u2014 update only if ownership changes (must update within 30 days).<\/li>\n<li><b>WCG can guide you but cannot file for you<\/b> (due to AICPA\/State Board rules); flat-fee legal filing available through Ian Burrell, Esq. ($150+).<\/li>\n<li><b>Pro-tip:<\/b> have your driver\u2019s license or passport image ready before starting; FinCEN ID is optional unless registering multiple businesses.<\/li>\n<\/ul>\n<\/div>\n<p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6817705a1d653\" class=\" wd-rs-6817705a1d653 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title img-right \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<blockquote style=\"color: #ff0000\">\n<p><strong>URGENT: No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-26027\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/FinCEN-Beneficial-Ownership-Information.webp\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/wcginc.com\/wp-content\/uploads\/FinCEN-Beneficial-Ownership-Information.webp 300w, https:\/\/wcginc.com\/wp-content\/uploads\/FinCEN-Beneficial-Ownership-Information-150x150.webp 150w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>If you are a small business owner, you just had another chore added to your list. After years of delays, the first stage of the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. It imposes a new federal filing requirement for most corporations and limited liability companies (LLCs) with very few exceptions. 99% of the small business owners out there must complete\u00a0<a href=\"https:\/\/www.fincen.gov\/sites\/default\/files\/shared\/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf\" target=\"_blank\" rel=\"noopener\">FinCEN\u2019s Beneficial Ownership Information<\/a>\u00a0filing. Yuck!<\/p>\n<p>However!\u00a0<strong>It is super easy.\u00a0<\/strong>You will spend way more time scanning your drivers license than completing the form. And No, unfortunately, our governing bodies (AICPA, State Boards) prevent us from completing this for you (we can help, we just can\u2019t do). See below!<\/p>\n<p>The CTA\u2019s purpose is to prevent the use of anonymous shell companies for money laundering, tax evasion, and other illegal purposes. Just like any rule or law, it casts a wide net and generally inconveniences the vast majority just to find a few bad people. Then again, if you a bad person you likely don\u2019t care about laws, rules and fines so some of this is just window-dressing.<\/p>\n<p>Also, before you lose your mind and start looking at property on Mars, banks have been doing a version of this for years. Lots of years. Some businesses are exempt, including-<\/p>\n<ul>\n<li>sole proprietors (those who have not created an entity with the Secretary of State)<\/li>\n<li>large businesses\u2014businesses with more than 20 full-time employees and $5 million in receipts on their prior-year tax return,<\/li>\n<li>certain businesses already heavily regulated by the government, such as banks and insurance companies,<\/li>\n<li>nonprofits, and<\/li>\n<li>several others (<a href=\"https:\/\/www.fincen.gov\/boi-faqs#C_2\" target=\"_blank\" rel=\"noopener\">see list here<\/a>)<\/li>\n<\/ul>\n<p>The CTA\u2019s purpose is to compile a massive government database containing the identities and contact information of the \u201cbeneficial owners\u201d of most types of business entities. Beneficial owners are the humans who own or exercise substantial control over the entity.<\/p>\n<p>For most reporting companies, identifying the beneficial owners is simple. For example, a three-member LLC in which each member has a one-third ownership interest has three beneficial owners. Identifying beneficial owners for reporting companies with complex ownership structures can be more difficult.<\/p>\n<p>Here\u2019s what happens if you form a new LLC or corporation in 2024. Within 90 days of formation, you must file the beneficial owner information report with the Department of the Treasury\u2019s Financial Crimes Enforcement Network (FinCEN)\u2014the Treasury Department\u2019s financial intelligence unit. The report must contain the following for each beneficial owner:<\/p>\n<ul>\n<li>Full legal name<\/li>\n<li>Date of birth<\/li>\n<li>Complete current residential street address<\/li>\n<li>A unique identifying number from a current U.S. passport, state or local ID document, driver\u2019s license, or foreign passport<\/li>\n<li>An image of the document that contains the unique identifying number<\/li>\n<\/ul>\n<p>You must provide similar information for the people who filed the documents to form the entity, such as the articles of incorporation or articles of organization for an LLC.<\/p>\n<p>The beneficial owner information report is filed online at a new federal database called BOSS (an acronym for Beneficial Ownership Secure System). You can\u2019t file until January 1, 2024. You don\u2019t pay any filing fees. The information in the BOSS database is strictly for use by law enforcement, the IRS, and other government agencies. FinCEN does not disclose the BOSS information to the public. Read that again. If you\u2019ve created entity structures for anonymity, then that is preserved.<\/p>\n<p>BOSS reporting is separate from your state and local filings when forming a new business entity. But from now on, filing the BOSS report must become a routine part of creating most new business entities.<\/p>\n<p><strong>This is no joke.\u00a0<\/strong>Failure to comply (or softly put, \u201cnon-compliance\u201d) is $500 per day up to $10,000.<\/p>\n<p>Additional quick thoughts-<\/p>\n<ul>\n<li>Rental properties held in an LLC must comply and file (eye roll, we get it, but it is what it is)<\/li>\n<li>If you own or control 25% or more of a \u201creporting company,\u201d you are deemed a beneficial owner, and the information above must be supplied (excluding minor children)<\/li>\n<li>Businesses formed in 2024 have 90 days (<a href=\"https:\/\/www.federalregister.gov\/documents\/2023\/09\/28\/2023-21226\/beneficial-ownership-information-reporting-deadline-extension-for-reporting-companies-created-or\" target=\"_blank\" rel=\"noopener\">was 30 days<\/a>), and businesses that exist prior to 2024 have 1 year to comply<\/li>\n<li>Compliance is a one-and-done situation unless the beneficial ownership changes (and then you have 30 days to file the update)<\/li>\n<\/ul>\n<p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6731a288642e9\" class=\" wd-rs-6731a288642e9 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Online_Tax_Accountant\"><\/span>Online Tax Accountant<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>WCG has been built for remote tax preparation as\u00a0<a href=\"https:\/\/wcginc.com\/blog\/online-tax-accountant\/\" target=\"_blank\" rel=\"noopener\">online tax accountants<\/a>\u00a0from the beginning of our firm (thank you pilots and flight attendants!). Over 80% of our clients are outside Colorado. In addition, WCG has been built for all\u00a0<a href=\"https:\/\/wcginc.com\/about-us\/meet-our-team\/\/\" target=\"_blank\" rel=\"noopener\">staff members<\/a>\u00a0to work from home. Long before all this craziness, we already had remote setups including telephones (both physical handsets and apps on our cell phones). Employees were already encouraged to work from home one day per week.<\/p>\n<p>We\u2019ve had this figured out! And we can handle all your tax needs without disruption. Thanks again!<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[vc_row_inner el_class=&#8221;boxes&#8211;pack&#8221; woodmart_css_id=&#8221;672f64599e51f&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzJmNjQ1OTllNTFmIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221; tablet_bg_img_hidden=&#8221;no&#8221; woodmart_parallax=&#8221;0&#8243; woodmart_gradient_switch=&#8221;no&#8221; woodmart_box_shadow=&#8221;no&#8221; wd_z_index=&#8221;no&#8221; woodmart_disable_overflow=&#8221;0&#8243; row_reverse_mobile=&#8221;0&#8243; row_reverse_tablet=&#8221;0&#8243;][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6898c4829fe39\" class=\" wd-rs-6898c4829fe39 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/compliance-guide.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">FinCEN Compliance Guide<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Learn about BOI reporting requirements and how to comply with FinCEN&#8217;s new regulations.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"https:\/\/www.fincen.gov\/sites\/default\/files\/shared\/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf\" title=\"\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6898c48ab6d9d\" class=\" wd-rs-6898c48ab6d9d wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/faqs.jpg\" class=\"attachment-full size-full\" alt=\"FAQs\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">FinCEN FAQs (READ ME)<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Learn more about Beneficial Ownership Information Reporting and related rules.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"https:\/\/www.fincen.gov\/boi-faqs\" title=\"\" target=\"_blank\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6898c49109ce2\" class=\" wd-rs-6898c49109ce2 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/Tax-Center-2.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">Tax Center<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Access comprehensive tax services, including refunds, audits, and consultations, all in one place!<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"\/tax-center\/\" title=\"contact-us\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][\/vc_row_inner]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6731a29181382\" class=\" wd-rs-6731a29181382 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"FinCEN_Beneficial_Ownership_Report_Filing\"><\/span>FinCEN Beneficial Ownership Report Filing<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>There are two general ways to submit the filing-<\/p>\n<ol>\n<li>Complete a PDF (<a href=\"https:\/\/wcginc.com\/BOIR.pdf\" target=\"_blank\" rel=\"noopener\">here is a sample<\/a>) and upload, or<\/li>\n<li>Complete online form.<\/li>\n<\/ol>\n<p>As stated earlier, our governing bodies (AICPA and our State Boards) prevent us from completing this filing on your behalf. It is so easy a caveman could do it, as Geico says. Having said that we,\u00a0<strong>are here to answer your questions<\/strong>\u00a0and even do a screenshare (in May, June or July). Keep in mind that if your business existed on December 31,\u00a0<strong>2023<\/strong>, then you have until December 31,\u00a0<strong>2024<\/strong>\u00a0to comply (and we suspect this will be extended as well since everyone is freakin\u2019 out).<\/p>\n<p>Here is an excerpt from the\u00a0<a href=\"https:\/\/www.fincen.gov\/boi-faqs\" target=\"_blank\" rel=\"noopener\">BOI FAQs<\/a>\u2013<\/p>\n<p><strong>B. Reporting Process<\/strong><\/p>\n<p id=\"B_1\" class=\"accordion\"><strong>B. 1. Should my company report beneficial ownership information now?<\/strong><\/p>\n<div class=\"panel\">\n<p>FinCEN launched the BOI E-Filing website for reporting beneficial ownership information (https:\/\/boiefiling.fincen.gov) on January 1, 2024.<\/p>\n<ul>\n<li>\n<ul>\n<li>A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.<\/li>\n<li>A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.<\/li>\n<li>A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>[Updated January 4, 2024]<\/p>\n<\/div>\n<p><strong>Pro-Tip:<\/strong>\u00a0Having done this for a few rental LLCs that Tina and I own, you will need a drivers license or passport or similar documentation in electronic format for uploading. Also, you do not need to create a FinCEN ID unless you have several businesses to register, and want a little bit of efficiency.<\/p>\n<p>Also! WCG\u2019s corporate attorneys, Ian Burrell and Chris Wilhelmi, and their law firm, have offered to do the filing for our clients at a flat rate of $150 (sure, if you have some crazy ownership scheme with a bunch of layers, then this will change naturally). As of January 21, we are waiting to obtain a sample of Ian\u2019s engagement letter. For now, here is his contact information. Because this is a federal filing, his law firm can file this regardless of your location-<\/p>\n<p>Ian P. Burrell, Esq.<br \/>\nStinar Zendejas Burrell &amp; Wilhelmi, PLLC<br \/>\n121 E. Vermijo Avenue, Suite 200<br \/>\nColorado Springs, CO 80903<br \/>\n(719) 635-4200 ext: 209<br \/>\n(719) 635-2493 Facsimile<br \/>\nE-Mail:\u00a0ian@coloradolawgroup.com<\/p>\n<p>We also use a company called CorpNet to help us form businesses in certain states that have a bunch of hoops such Arizona, New York State and Pennsylvania. Their PDF handout is below as well.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[vc_row_inner el_class=&#8221;boxes&#8211;pack&#8221; woodmart_css_id=&#8221;672f64599e51f&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzJmNjQ1OTllNTFmIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221; tablet_bg_img_hidden=&#8221;no&#8221; woodmart_parallax=&#8221;0&#8243; woodmart_gradient_switch=&#8221;no&#8221; woodmart_box_shadow=&#8221;no&#8221; wd_z_index=&#8221;no&#8221; woodmart_disable_overflow=&#8221;0&#8243; row_reverse_mobile=&#8221;0&#8243; row_reverse_tablet=&#8221;0&#8243;][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6898c499ab5a4\" class=\" wd-rs-6898c499ab5a4 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/e-filing-system.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">BOI E-Filing System (Fun!)<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Access the BOI E-Filing System to submit your Beneficial Ownership Information Report.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"https:\/\/boiefiling.fincen.gov\/\" title=\"\" target=\"_blank\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6898c4a321d4e\" class=\" wd-rs-6898c4a321d4e wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/fillable-pdf-1.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">BOI Fillable PDF<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Access the BOI E-Filing PDF top submit your Beneficial Ownership Information Report under the CTA.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"https:\/\/wcginc.com\/BOIR.pdf\" title=\"\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6898c4aa36af6\" class=\" wd-rs-6898c4aa36af6 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/pdf-handout.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">CorpNet PDF Handout<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Access the CorpNet PDF Handout for accurate and detailed guidance today.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"ftp:\/\/wcginc@host50.cyberbasement.com\/public_html\/wp-content\/documents\/BOI-Reporting-Fact-Sheet.pdf\" title=\"contact-us\" target=\"_blank\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-68b5465c2c971\" class=\" wd-rs-68b5465c2c971 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title faqs-wrap \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Does_every_small_business_have_to_file\"><\/span>Does every small business have to file?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Almost all corporations and LLCs must file unless specifically exempt (sole proprietors, large companies, nonprofits, heavily regulated industries).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_information_is_required\"><\/span>What information is required?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Full legal name, date of birth, residential address, ID number, and image of a valid ID for each beneficial owner (anyone owning or controlling 25%+).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_is_my_filing_due\"><\/span>When is my filing due?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&#8211; Pre-2024 businesses: by Jan. 1, 2025<br \/>\n&#8211; 2024 businesses: within 90 days of formation<br \/>\n&#8211; 2025+ businesses: within 30 days of formation<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_filing_public\"><\/span>Is this filing public?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No. The database (BOSS) is only accessible to law enforcement, IRS, and certain government agencies \u2014 not the public.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_happens_if_I_dont_file\"><\/span>What happens if I don\u2019t file?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Penalties are $500 per day, up to $10,000.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_I_file\"><\/span>How do I file?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Submit online at FinCEN\u2019s BOI E-Filing site or upload a PDF form.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_I_need_to_re-file_every_year\"><\/span>Do I need to re-file every year?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No. It\u2019s one-time unless your company\u2019s ownership changes, then you have 30 days to update.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_WCG_complete_the_filing_for_me\"><\/span>Can WCG complete the filing for me?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No, but WCG can guide you through it. A partner law firm can file for $150+.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_rental_property_LLCs_have_to_file\"><\/span>Do rental property LLCs have to file?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, even single-property LLCs must comply.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_I_need_a_FinCEN_ID\"><\/span>Do I need a FinCEN ID?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Only if you\u2019re filing for multiple businesses and want to streamline the process.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_row_inner el_class=&#8221;boxes&#8211;pack&#8221; woodmart_css_id=&#8221;672f64599e51f&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzJmNjQ1OTllNTFmIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221; tablet_bg_img_hidden=&#8221;no&#8221; woodmart_parallax=&#8221;0&#8243; woodmart_gradient_switch=&#8221;no&#8221; woodmart_box_shadow=&#8221;no&#8221; wd_z_index=&#8221;no&#8221; woodmart_disable_overflow=&#8221;0&#8243; row_reverse_mobile=&#8221;0&#8243; row_reverse_tablet=&#8221;0&#8243;][vc_column_inner width=&#8221;1\/3&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=&#8221;boxes&#8211;pack&#8221; woodmart_css_id=&#8221;672f64599e51f&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzJmNjQ1OTllNTFmIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221;<\/p>\n","protected":false},"author":6,"featured_media":44118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[230,232,233],"class_list":["post-1324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-s-corps","tag-tax-updates","tag-general-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FinCEN Beneficial Ownership Information - WCG CPAs &amp; Advisors<\/title>\n<meta name=\"description\" content=\"With very few exceptions 99% of the small business owners out there will have complete FinCEN&#039;s Beneficial Ownership Information filing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wcginc.com\/blog\/fincen-beneficial-ownership-information\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinCEN Beneficial Ownership Information\" \/>\n<meta property=\"og:description\" content=\"With very few exceptions 99% of the small business owners out there will have complete FinCEN&#039;s Beneficial Ownership Information filing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wcginc.com\/blog\/fincen-beneficial-ownership-information\/\" \/>\n<meta property=\"og:site_name\" content=\"WCG CPAs &amp; Advisors\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-26T10:46:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-26T16:49:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wcginc.com\/wp-content\/uploads\/FinCEN-Beneficial-Ownership-Information-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Jason Watson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jason Watson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"FinCEN Beneficial Ownership Information - WCG CPAs & Advisors","description":"With very few exceptions 99% of the small business owners out there will have complete FinCEN's Beneficial Ownership Information filing.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wcginc.com\/blog\/fincen-beneficial-ownership-information\/","og_locale":"en_US","og_type":"article","og_title":"FinCEN Beneficial Ownership Information","og_description":"With very few exceptions 99% of the small business owners out there will have complete FinCEN's Beneficial Ownership Information filing.","og_url":"https:\/\/wcginc.com\/blog\/fincen-beneficial-ownership-information\/","og_site_name":"WCG CPAs &amp; 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