Mandatory BOI Reporting Requirements for All LLCs & Corporations – Online

Effective January 1, 2024, many companies became subject to a law that requires them to report information about their beneficial owners (i.e., the individuals who ultimately own or control the company) to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Most corporations and LLCs registered with the N.C. Secretary of State are affected by this new requirement, and the due date for the report is dependent upon the entity’s creation or registration date as indicated below:

• For companies created or registered on or after January 1, 2024, and before January 1, 2025, the Beneficial Ownership Information (BOI) report must be filed within 90 calendar days after the owner receives actual or public notice that the company’s registration is effective, whichever is earlier.
• For companies created or registered before January 1, 2024, the report is not due until January 1, 2025.
• For companies created or registered on or after January 1, 2025, the BOI report is due within 30 calendar days after the owner receives actual or public notice that the company’s registration is effective.

Additionally, any updates or corrections to BOI reports previously submitted to FinCEN must be submitted within 30 days. Penalties for willful violation of the BOI reporting requirements are steep and include the following:

• Civil penalties of up to $500 for each day that the violation continues, and
• Criminal penalties of up to $10,000 and up to two years of jail time.

Join us for this informative webinar to learn more about the BOI filing requirements, penalties, and potential exceptions.
 
Speaker: Rebekah Barr, CPA
Register by: 10:00 AM December 4
To register, visit https://www.ncsbc.net/reg.aspx?mode=event&event=580440078.