BOI & FINCEN REPORTING – It’s Getting Closer!
We are getting closer to the end of 2024 and the BOI filing date is near. There was an update on October 3, 2024 to the FAQ section (FYI, there were a ton of updates so in the interest of brevity, I am only including the questions and sections that you can look at; here is the FAQ link).
A. 6. Is beneficial ownership information reported to FinCEN accessible under the Freedom of Information Act (FOIA)?
B. 7. Is a reporting company required to use an attorney, certified public accountant, enrolled agent, or other service provider to submit beneficial ownership information to FinCEN?
B. 9. If a third-party service provider who is not an attorney submits a reporting company’s beneficial ownership information to FinCEN, has that provider engaged in the unauthorized practice of law?
B. 10. How do I report multiple beneficial owners or company applicants on one report?
C. 17. Reporting companies are created (or, if a foreign company, registered to do business) in the United States by filing a document with a secretary of state or “similar office.” What government offices are “similar offices” to a secretary of state for this purpose?
C. 18. Does a conversion from one corporate type to another (e.g., LLC to corporation) create a new domestic reporting company that must file an initial beneficial ownership information report with FinCEN?
C. 19. Does a reporting company need to file a beneficial ownership information report each time it registers to do business in a different state?
D.1. Who is a beneficial owner of a reporting company?
i. How many beneficial owners can a reporting company have?
ii. What if a reporting company does not have any individuals who own or control at least 25 percent?
D. 2. What is substantial control?
D. 18. If one spouse has an ownership interest in a reporting company, is the other spouse also considered a beneficial owner if the reporting company is created or registered in a community property state?
F. 5. What are acceptable forms of identification that will meet the reporting requirements?
i. What is an example of a “non-expired identification document issued by a U.S. State or local government, or Indian Tribe”?
F. 12. What address should a reporting company report if it lacks a principal place of business in the United States?
F. 14. Are reporting companies required to report the addresses of beneficial owners or company applicants that participate in an Address Confidentiality Program (ACP)?
F. 15. For each beneficial owner or company applicant a company is required to report, the company must provide an identifying number from an acceptable identification document as well as an image of the identification document used to obtain this identifying number. Does the name on an individual’s acceptable identification document need to match the individual’s current full legal name?
L. 10. Would a reporting company qualify for the pooled investment vehicle (PIV) exemption (Exemption # 18) if it is operated or advised by an exempt reporting adviser (ERA)?
L. 11. Does a reporting company qualify for the large operating company exemption if it is run from a personal residence?
M. 2. How can I use a FinCEN identifier?
M. 5. Do I need to update or correct the information I submitted to obtain a FinCEN identifier?
i. Does a reporting company need to update its BOI report if a beneficial owner or company applicant updates the information associated with their individual FinCEN identifier?
N. 4. Are third-party service providers required to maintain records validating that they are authorized to file on behalf of a reporting company?
In case you have not filed as of yet, we have an information page for your reference. Please reach out to your professional business advisors if you have any questions.
Here are a few other items of interest:
- The Latest from the NYBB Group (thanks to Anthony Citrolo for sharing)
- Webinar | Business Interruption Loss Calculation: The Cyber Playbook and Response Plan (11/13 @ 1pm)
- Incentive Plans: Boosting Performance and Morale (11/12 @ 2pm EST)
- Real Estate Incentives for Entities in Manufacturing & Distribution (11/12; 1030-1130am EST)
As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.
Please see all of our prior updates at this link or if you would like to be added to our email list, please click here.