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FINCEN Beneficial Ownership Information (BOI) Reporting

Limited Liability Company (LLC) New Reporting Requirement

In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them. Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

If you owned an LLC before 2024, then you must file a report to Treasury by January 1, 2025. If you establish an LLC during 2024, you have 90 days to file your report. FinCEN published inflation adjustments in January 2024 for civil monetary penalties, increasing the potential fine to $591 per day (effective Jan. 25, 2024) from its original $500. The cap remains at $10,000. Criminal penalties could include imprisonment of up to two years.

BOI Reporting Service - $150 per entity; on December 1, 2024, the price increases to $200 per entity (Receive $25 off if you are a tax and/or business client of Clear Portal Accounting and Tax LLC.

  • Provide your beneficial ownership information to us as noted below.
  • We prepare and submit your filings securely starting June 2024 to save you up to 3 hours per report.
  • Eliminate tracking and filing efforts as we provide you a copy that you have complied with the Corporate Transparency Act. If you receive any correspondence from the Department of Treasury-FINCEN, we are here to help advise you.  

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  • What information do we need from you to start the reporting process?

We need the following information about your LLC:

  • Legal name
  • Any trade names, DBAs, or trading as names
  • Current street address of its principal place of business
  • Its jurisdiction of formation or registration
  • Taxpayer ID#

We also need the following information from each owner:

  • Individual’s name
  • Date of birth
  • Residential address
  • An ID# from an acceptable ID document (passport, U.S. driver’s license, and name of issuing state or jurisdiction of the ID document
  • Must supply an image of the ID document and it cannot be expired