Dufour Tax Group, LLC

Dufour Tax Group LLC specializes in providing comprehensive strategic tax planning and compliance services to individuals and businesses across the globe. With a broad set of in-house skills and experience, we have the flexibility to work with a multitude of clients – from startups to multimillion

215 Commercial Street Portland, ME, 04101 United States

Dufour Tax Group LLC specializes in providing comprehensive strategic tax planning and compliance services to individuals and business across the globe.

With a broad set of in-house skills and experience, we have the flexibility to work with a multitude of clients - from startups to multi-million dollar enterprise-level companies.

FinCEN Beneficial Ownership Information Reporting

January 24, 2024  /  Kelly Dufour

Under the Corporate Transparency Act, as part of the Anti-Money Laundering Act of 2020, companies are subject to new informational reporting obligations pertaining to their beneficial ownership. Beginning January 1, 2024, many companies will be required to report information about who ultimately owns and controls them to the U.S. Financial Crimes Enforcement Network (FinCEN). This filing is simple, secure, and free of charge.
 
Filing Deadlines:

  • Existing Companies – Reporting companies created or registered to do business in the United States before January 1, 2024, must file their initial report by January 1, 2025. 

  • Newly Created Companies – Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving notice that their company’s creation or registration is effective.

 
What to Report:

Generally, reporting companies must provide four pieces of information about each beneficial owner: name, date of birth, address, and the identifying number and issuer from an accepted government-issued identification document (such as a driver’s license or passport). An image of the document must also be submitted.
 
Please note that this report is a separate filing directly with FinCEN and is not part of your annual business income tax return.
 
If there are any changes to the required company or beneficial owner information, including the beneficial owners’ identities and other previously submitted information related to them, the company must file an updated BOI report no later than thirty days after the date on which the change occurred.
 
Civil and criminal penalties for failure to file or update a BOI report can be severe, including fines of up to $10,000 and possible jail time.
 
Additional Resources:
 
For more information, you can refer to the Beneficial Ownership Information Reporting page on the FinCEN website. FinCEN also provides a Small Entity Compliance Guide and other resources, such as informational videos and webinars, answers to frequently asked questions, and a contact center.
 
https://www.fincen.gov/boi
https://www.fincen.gov/boi/small-business-resources