U.S. Treasury FinCEN

Beneficial Ownership Information Reporting

RESOURCES & NEWS


Beneficial Ownership Information Reporting Website
Financial Crimes Enforcement Network (FinCEN)
BOI Report Filing Deadline: January 1, 2025
Penalties for Non-Compliance: Up to $500 per day


The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) is conducting systemic outreach to CPAs about the Corporate Transparency Act’s Beneficial Ownership Information reporting requirements. FinCEN officials met recently with TXCPA staff to learn more about our members’ needs and how we can work together to communicate about the new reporting requirements.

Beneficial Ownership Operations and Innovation Chief Phil Lam shared that as they approach the Jan. 1, 2025, BOI filing deadline, Texas currently has 400,000 filings of the potential 2.6 million reports. While that’s a great head start, FinCEN had hoped for a higher percentage of reporting by October.

FinCEN presented its focus of compliance in the first year versus enforcement; it is vitally important to generate awareness first and foremost.

As you would expect, with the introduction of a new taxpayer filing requirement, we also see unlawful opportunists. One such scheme offers innocent business owners, for $199, a FinCEN Form 4022 they can file themselves – FinCEN does not have a Form 4022 and there is no filing fee. Lam also mentioned fraudulent businesses that show association with FinCEN. Beware of these types of scams. FinCEN is in the process of accumulating and vetting names of legitimate BOI reporting services to share on its website.

TXCPA will continue to assist its members to make an informed opinion for themselves and to better serve their clients.

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