BOI data preparation support for beneficial owners

Subject: BOI Data Preparation Support for Beneficial Owners: Critical Updates for Foreign Entities Body: Dear Business Owner, Important changes to FinCEN's Beneficial Ownership Information (BOI) reporting requirements are now in effect.

As of March 26, 2025, domestic U.S. entities are exempt from BOI reporting. However, if your business is a foreign entity registered to do business in any U.S.

State or Tribal jurisdiction, you likely still need to report. Key Updates You Need to Know: Domestic U.S.

Entities Exempt: All U.S.-formed companies are no longer required to file BOI reports. Foreign Entities Still Report: If your company is a foreign entity registered in the U.S., you must continue to comply unless another exemption applies.

New Deadlines for Foreign Entities: Registered before March 26, 2025: File by April 25, 2025. Registered on or after March 26, 2025: File within 30 calendar days of your registration becoming effective.

What to Prepare: You'll need to collect specific data for each beneficial owner (individuals with substantial control or 25%+ ownership), including their name, date of birth, residential address, and an ID number.

Company information like name, address, jurisdiction, and TIN is also required. Action Steps:

Subject: BOI Data Preparation Support for Beneficial Owners: Critical Updates for Foreign Entities Body: Dear Business Owner, Important changes to FinCEN's Beneficial Ownership Information (BOI) reporting requirements are now in effect.

As of March 26, 2025, domestic U.S. entities are exempt from BOI reporting. However, if your business is a foreign entity registered to do business in any U.S.

State or Tribal jurisdiction, you likely still need to report. Key Updates You Need to Know: Domestic U.S.

Entities Exempt: All U.S.-formed companies are no longer required to file BOI reports. Foreign Entities Still Report: If your company is a foreign entity registered in the U.S., you must continue to comply unless another exemption applies.

New Deadlines for Foreign Entities: Registered before March 26, 2025: File by April 25, 2025. Registered on or after March 26, 2025: File within 30 calendar days of your registration becoming effective.

What to Prepare: You'll need to collect specific data for each beneficial owner (individuals with substantial control or 25%+ ownership), including their name, date of birth, residential address, and an ID number.

Company information like name, address, jurisdiction, and TIN is also required. Action Steps:

Confirm Your Status

Verify if your foreign entity is required to report under the updated rules.

Identify Deadlines

Note your specific filing deadline based on your registration date.

Gather Information

Start collecting the necessary beneficial owner and company data.

Monitor State Registration

For foreign entities, your state's Secretary of State registration effective date triggers your federal 30-day filing window. Penalties for Non-Compliance: Willful failure to report or providing false information can result in significant civil and criminal penalties. FinCEN offers a 90-day safe harbor for voluntary corrections. Stay Informed: FinCEN's guidance is ongoing. Always refer to FinCEN.gov/boi for the latest official information. If you have questions or need assistance, consulting a legal or compliance professional is highly recommended. Sincerely, [Your Company Name/Team]