The information you need to report depends on when you create/register your business.

Businesses created/registered before January 1, 2024 must report:

1. Reporting company information
2. Beneficial owner information

Companies created/registered on or after January 1, 2024 must report:

1. Reporting company information
2. Beneficial owner information
3. Company applicant information

Reporting company information

We must report the following information about your LLC, corporation, or other reporting company:

• Legal name
• doing business as (DBA aka Fictitious Business Name (FBN) if your company uses more than the name registered to your entity formation.
• Business address
• Jurisdiction of formation or registration
• Company Federal Tax identification number

Beneficial owner information

We Must report the following information about each beneficial owner of the reporting company:

• Name
• Date of birth
• Residential address
• Identifying number from an acceptable identification document (e.g., passport or U.S. driver’s license) and the name of the issuing state or jurisdiction*

*You must also include an image of the identification document.

Company applicant information, if applicable

If your business is created/registered on or after January 1, 2024, we must also report company applicant information.

The company applicant is the individual who files the legal documents to form the company originally. If more than one person was/is involved in filing, we will need to include the person primarily responsible for directing or controlling the filing. Many times this is the attorney, accountant, or legal doc prep company who is reported.

Include the following company applicant information:

• Name
• Date of birth
• Address
• Identifying number from an acceptable identification document (e.g., passport or U.S. driver’s license) and the name of the issuing state or jurisdiction*

*If Wagner Tax & Accounting was used to prepare your Articles at the time of formation we will have that information and include it.

FinCen will keep your company’s reported BOI information in a “secure, non-public database.” According to FinCEN, they will use rigorous security methods and controls to handle this private information.

So, who has access to your reported information? Government and foreign officials can submit a request through a U.S. Federal government agency to obtain secure information. In certain situations, financial institutions can also request access to reported information—if the reporting company consents.

If your company or beneficial owner information changes (e.g., new CEO), you must update your BOI report.

File an updated report within 30 days after the date of the change.

There are some pretty steep penalties for failing to comply with the beneficial ownership reporting requirements. These include hefty fines.

FinCEN will assign the following penalties to businesses that willfully fail to report truthful and accurate beneficial ownership information:

• Civil penalties: Up to $500 per day that a violation continues
• Criminal penalties: Up to $10,000 fine and/or up to two years of imprisonment

If a business fails to file a required BOI report, senior officers may be held accountable.

Reporting companies may use third-party service providers to submit beneficial ownership information reports. Third-party service providers will have the ability to submit the reports via the preparer's FinCEN E-Filing system and/or an Application Programming Interface (API).

Third-party service providers will receive an acknowledgment of submission success or failure, and the submitter will be able to download a transcript of the BOI report. The reporting company will need to obtain this confirmation from the third-party service provider.

Wagner Tax & Accounting always securely retains and stores copies of receipts and transcripts of any state or federal reports submitted. These copies are forwarded or given to the Reporting Company (You) upon completion of the service.