RitzHolman Resources for BOI Reporting

Starting January 1, 2024 there is a new federal reporting requirement concerning the beneficial ownership information for certain business entities (BOI Reporting).  The initial report is due by January 1, 2025 and is reported online to the Financial Crimes Enforcement Network (FinCEN).

If there are any changes to the initial report such as an address change, those changes must be updated in the FinCEN system within 30 days.  New entities created after January 1, 2024 have to file their initial report within 90 days after creation.

BOI Reporting Resources

1. Small Entity Compliance Guide – A comprehensive guide published by the Financial Crimes Enforcement Network of the US Department of the Treasury.
2. Introduction to the BOI Reporting – Small 2-page handout that lays out the major points of the new reporting requirement
3. Link to a video that explains the BOI reporting requirement (approximately 12 minutes long)

Additional Resources and Reporting Information

The Financial Crimes Enforcement Network (FinCEN) website has additional resources available. You can also set up your own FinCEN Id at their website.

As your business advisor, we are here to assist you through this process and answer questions you may have.

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