To help our clients and small business owners comply with the Corporate Transparency Act, please read below the IJ Clinic’s Beneficial Ownership Information Report Filing Guide.
A company formed prior to January 1, 2024 must file a beneficial ownership information report with the Financial Crimes Enforcement Network (FINCEN) BEFORE January 1, 2025.
We hope this guidance makes it easier for all small business owners to file the report online before the deadline, January 1, 2025.
If you have any questions or feedback, please contact us here!
Beneficial Ownership Information Report Filing Guide For Companies formed prior to January 1, 2024
The Corporate Transparency Act was enacted in 2021 to try and prevent fraud and other financial crimes. As part of that effort, all businesses – – except publicly traded companies, highly regulated businesses such as banking and insurance, and tax-exempt entities – – are required to file a beneficial ownership information report with the Financial Crimes Enforcement Network (FinCEN). This guide is designed to help you determine what information you need to gather before you file.
Deadline
- File before January 1, 2025
Whose information is needed?
- Information about your company
- Information about all beneficial owners of the company, including:
- anyone who owns or controls 25% or more of the company
- anyone with substantial control over the company
- Still not sure who is a beneficial owner, FinCEN’s Small Entity Compliance Guide Chapter 2 further explains who qualifies as a beneficial owner.
What information is needed?
About your company:
- Full legal name
- Trade name (or DBA or assumed name)
- Current street address for principal place of business
- State (Illinois or other), tribal or foreign country jurisdiction of formation
- Employer Identification Number (EIN) or Taxpayer Identification Number (TIN)
For you and any other beneficial owners
- Full legal name
- Date of Birth
- Current residential street address
- One form of ID with identification number, such as a Driver’s License or Passport. Note: You will need to upload an image of the document you choose, so take a picture or scan it in advance
Ready to File?
If you are ready to file, go to https://boiefiling.fincen.gov/and file directly online. You can correct or update a prior filing in the same place. There is no fee to file directly with FinCEN at the link above. After your first filing you will receive a FinCEN ID for the company and each beneficial owner. Be sure to save this information for any future updates or corrections to your filing.