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Bringing Peace of Mind Filing Your Beneficial Ownership Information Report

As part of the Corporate Transparency Act, federal mandate requires that businesses file a Beneficial Ownership Information Report to avoid criminal and civil penalties.

Not sure what your responsibilities are for the new beneficial ownership information report? Tandy Consulting can help.

Stress Free Beneficial Ownership Information Reporting

Get You FinCEN Individual ID 
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Services Provided

  • A secure link for Beneficial Owners(s) to enter their information for inclusion in the FinCEN Beneficial Ownership Information Report
  • Instructions to each Beneficial Owner for obtaining a FinCEN Identifier
  • Preparing the FinCEN Beneficial Owner Information Report
  • If necessary, prepare and file modifications to the initial FinCEN Beneficial Ownership Information Report
  • Provide the Reporting Company with a copy the filed FinCEN Beneficial Ownership Information Report
BOI REPORTING

Who Must File a FinCEN BOI Report?

  • Corporations and LLCs created in the United States or registered to do business in the U.S.
  • Similar entities such as limited partnerships or other business structures that are registered at the state level.

Beneficial owners:

A beneficial owner is anyone who:

  • Directly or indirectly owns 25% or more of the ownership interests in the entity, or
  • Exercises substantial control over the entity.

Exemptions: (more in FAQ's)

Certain entities are exempt from this requirement, including:

  • Publicly traded companies,
  • Certain regulated entities like banks, credit unions, and insurance companies,
  • Large operating companies (with over 20 full-time employees, more than $5 million in gross receipts, and a physical presence in the U.S.).

Key BOI reporting dates to be aware of:

  • FinCEN will begin accepting BOI reports on January 1, 2024
  • New businesses that are formed on or after January 1, 2024, must file within 90 days of business formation.
  • Existing businesses that were formed before January 1, 2024, must file before January 1, 2025
  • Some businesses are exempt, including but not limited to: 
  • Sole proprietors
  • Large Businesses - with more than 20 full-time employees AND $5 million in receipts on thier prior-year tax return
  • Certain businesses already heavily regulated by the government, such as banks and insurance companies
  • Nonprofits
  • Rental properties held in an LLC
  • If you own 25% or more of a reporting company, you are a beneficial owner and must provide information.
  • Several other see more in the FAQ section.

This is NO joke. Failure to comply or non-compliance is find of $500 per day up to $10,000. If you prefer to throw away money, please consider donating to our non-profit, Tandy Family Charitable Foundation, in lieu of FINCEN.

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Filing a Beneficial Ownership Information Report is simple using and should only take 5-10 minutes. 

To get started, you’ll first need the following information:

Company Information

  • Company legal name
  • All trade names or DBA’s registered to your company
  • Company type (LLC, corporation, etc.)
  • Tax ID number and type
  • Year of formation (before or after January 1, 2024)
  • Country / jurisdiction of formation
  • Company physical address (no P.O. boxes allowed)

Beneficial Owner Information (for each individual designated as a Beneficial Owner)

  • Full legal name (first, middle and last)
  • Date of birth
  • Phone number
  • Email address
  • Home address
  • Beneficial ownership type (owner, corporate officer, etc.)
  • Personal identification document informationID type (Drivers license, passport, state/local/tribe-issued)ID numberExpiration dateCountry / jurisdictionState of issuanceA copy of the front of your ID

Company:

  • We will provice you FinCEN ID if this is your first filing.

Individual:

  • Do you have a personal FinCEN ID?  (You likely will not have a personal FinCEN ID yet, but if you’d like one, you can apply for it here.

After submitting the application, FinCEN will process your request and provide you with a unique FinCEN Identifier. This identifier will be sent to you electronically and can be used in future beneficial ownership reports instead of personal details.

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