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You Make the Call - Feb. 29, 2024

Published:
By: NATP Staff

Question: John Smith registered a Colorado limited liability company (LLC) with the Colorado Secretary of State on June 29, 2014, and it is still in operation. He heard that LLCs must register with FinCEN to report beneficial ownership information (BOI). Is he required to file the BOI report?

Answer: Yes, Mr. Smith is required to file a BOI report with FinCEN before Jan. 1, 2025. Two types of reporting companies are required to file: domestic and foreign reporting companies. Domestic reporting companies refer to corporations, LLCs and any other entities that are created by filing with the secretary of state in the U.S.

Foreign reporting companies are entities formed under the law of a foreign country that filed with the secretary of state to do business in the U.S.

Based on FinCEN regulations, businesses open prior to Jan. 1, 2024, are required to file BOI, and have until Jan. 1, 2025, to complete their initial BOI report filing.

If the business started on or after Jan. 1, 2024, and before Jan. 1, 2025, the owner must file their initial BOI report within 90 days (about three months) of receiving the notice of their effective commencement date. However, if the business is established on or after Jan. 1, 2025, the initial BOI report must be filed within 30 calendar days of formation.

The BOI FAQs Q&A (fincen.gov) offer additional information about the BOI reporting process, provides information about exempt filers and list the information necessary to file.

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"NATP team committed to supporting tax professionals with expert insights, industry updates, and resources, shown with green triangle design element representing the organization's brand.

NATP Staff

The NATP team is dedicated to supporting tax professionals with expert insights, industry updates, and resources that help them serve their clients with confidence.

Information included in this article is accurate as of the publication date. This post does not reflect tax law changes or IRS guidance that may have occurred after the publishing date.