Do I Need To File The FINCEN BOI Report Every Year?

Call us at 407-344-1012 or visit https://freedomtaxaccounting.com/

In this video you will learn:

• What the FINCEN BOI Report is
• Who is required to file it
• Whether it’s an annual requirement or a one-time submission
• Key tips to avoid penalties

Stay ahead of compliance regulations with our clear, easy-to-follow explanations. Don’t let confusion over the BOI report put your business at risk!

Subscribe for more tax tips, business compliance advice, and updates on financial regulations.

Have questions or need assistance? Drop them in the comments or visit our website for more resources.

DISCLAIMER

This video is intended for education purposes and should not be taken as legal, financial or tax advice.  You should consult with a professional about your unique situation before acting on anything discussed in these videos.  Freedomtax Accounting and Multiservices Inc., Freedom Insurance Financial Inc., Freedom Realty Source Inc., and Freedom Immigration International Inc. are providing educational content to help small business owners and individuals become more aware of certain issues and topics, but it cannot give blanket advice to a broad audience.  Neither Freedomtax Accounting and Multiservices Inc., Freedom Insurance Financial Inc., Freedom Realty Source Inc., and Freedom Immigration International Inc. nor its members can be held liable for any use or misuse of this content.

TRANSCRIPTION:

Today we are going to answer a question that many of our small business owners clients ask us.

Does my company have to file the FINCEN BOI report every year? It is important that you know the answer to this question to avoid fines and penalties from the federal government.

Let’s go.

Greetings from the Freedom Group. Today we will talk about the FINCEN BOI report. That’s right: the new federal report implemented in 2024 for many small businesses. Many of our business clients ask us: Do I have to file the FINCEN BOI Report every year?

We will gladly answer this question. Before we jump into whether it’s an annual requirement, let’s first tackle what the BOI report is and who’s required to file it. This will make it easier to understand what you need to do to stay compliant.”

First things first. The FINCEN BOI report was introduced in 2024 as a measure to help prevent financial crimes, money laundering and terrorism. The report requires certain companies to disclose who actually owns or controls them.

This way, if there’s any shady business going on, FINCEN – the Financial Crimes Enforcement Network – can track it.”

So, if you’re an owner or significantly involved in a business – especially a small LLC, corporation, or partnership – you’re likely part of this reporting requirement.

Now, the BOI report isn’t for everyone. If you own a sole proprietorship or a business that is heavily regulated, like a bank, publicly traded company, big insurance companies, you may not need to file.

However, most small businesses, like LLCs and corporations, do need to file the FINCEN BOI Report.

If your business was opened before 2024, your FINCEN BOI Report due date is January 1st of 2025.

If your business was opened in 2024, you have 90 days, after you register your business at the State level to file your BOI Report.

AND, unless things change, if your business was opened in 2025 and forward, you have 30 days, after your business is registered in the State, to file your BOI Report.

So now that you know who’s required to file… let’s answer the question we’re all here for:
Do you need to file your BOI Report every year?”

The answer is… no! This is NOT an annual requirement like tax returns. You file your FINCEN BOI Report once, and you will only need to file it again to update any change in ownership, any change in business address, and any change in the owners residential address.

Alright, to summarize:

1. “Your business will need to file the FINCEN BOI report…ONE TIME. You DO NOT need to file your Fincen BOI Report every year.
2. Make sure you file your businesses BOI Report on time to avoid harsh penalties. Penalties can be up to $500 per day of filing late.
3. “You DO NOT need to refile every year unless there’s a change in ownership, control, change in business address, or a change in any owners residential address.

And just a heads up, staying on top of these updates is important. Failure to report changes can also lead to penalties, so if anything changes in your business, you have 30 days to file an updated FINCEN BOI Report.

Thank you for watching this video. If you found this video helpful, hit that like button, subscribe to our channel and share this video with another business owner that can take advantage of this information.

Remember that here at Freedom Group we can help you with tax accounting, opening your new LLC, insurance, financial planning, immigration, real estate…we can help you in many ways.

If you want to learn the step by step instructions on how to file the FINCEN BOI Report for your business, please watch the following video.

Thank you and God bless.