{"id":2965,"date":"2024-03-16T11:46:23","date_gmt":"2024-03-16T16:46:23","guid":{"rendered":"https:\/\/heroic.cpa\/?p=2965"},"modified":"2024-03-16T11:46:23","modified_gmt":"2024-03-16T16:46:23","slug":"beneficial-ownership-information-are-you-excempt","status":"publish","type":"post","link":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/2024\/03\/16\/beneficial-ownership-information-are-you-excempt\/","title":{"rendered":"BOI &#8211; Are You Exempt?"},"content":{"rendered":"<p><strong>As of January 1, 2024<\/strong>, certain types of corporations, limited liability companies, and other similar entities doing business in the United States must report information about their beneficial owners\u2014the persons who ultimately own or control the company\u2014to the U.S. Department of the Treasury\u2019s\u00a0<a title=\"FinCEN\" href=\"https:\/\/www.fincen.gov\/boi\" target=\"_blank\" rel=\"noopener\">Financial Crimes Enforcement Network (FinCEN)<\/a>.\u00a0These new reporting requirements were created under the Federal Corporate Transparency Act to strengthen the integrity of the U.S. financial system by making it harder for illicit actors to use shell companies to launder their money or hide assets.\u00a0Additional information about the reporting requirements is available at\u00a0<a href=\"https:\/\/www.fincen.gov\/boi\">FinCEN.gov\/BOI<\/a>.\u00a0Subscribe to\u00a0<a href=\"https:\/\/hyperlink.services.treasury.gov\/agency.fincen?origin=https:\/\/service.govdelivery.com\/accounts\/USFINCEN\/subscriber\/new\">FinCEN Updates<\/a>\u00a0for future guidance documents.<\/p>\n<p><strong>FinCEN\u2019s BOI webpage provides: \u00a0<\/strong><\/p>\n<ul>\n<li>a\u00a0<a href=\"https:\/\/www.fincen.gov\/boi\/small-entity-compliance-guide\">Small Entity Compliance Guide<\/a>;<\/li>\n<li>answers to\u00a0<a href=\"https:\/\/www.fincen.gov\/boi-faqs\">Frequently Asked Questions<\/a>;<\/li>\n<li>a\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=4qXv37hf4Dw\">video overview<\/a>\u00a0of beneficial ownership information reporting; and more.<\/li>\n<\/ul>\n<p>Reporting companies can file beneficial ownership information electronically through\u00a0<strong><a title=\"BOI E-Filing System\" href=\"https:\/\/boiefiling.fincen.gov\/\" target=\"_blank\" rel=\"noopener\">FinCEN&#8217;s BOI E-Filing System<\/a><\/strong>.<\/p>\n<h1>DO I NEED TO REPORT?<\/h1>\n<p><strong>Most businesses in Minnesota are small businesses that may need to file.<\/strong>\u00a0So will many foreign businesses registered to do business in the U.S.\u00a0However, there are some exceptions.\u00a0<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.sos.state.mn.us\/media\/5550\/4552606_check_computer_result_website_icon.png\" alt=\"\" \/><\/p>\n<p>\u00a0<\/p>\n<p>The following 23\u00a0types of entities are exempt\u00a0from the new reporting requirement:<\/p>\n<ul>\n<li>Inactive entity<\/li>\n<li>Securities reporting issuer<\/li>\n<li>Governmental authority<\/li>\n<li>Bank<\/li>\n<li>Credit union<\/li>\n<li>Depository institution holding company<\/li>\n<li>Money services business<\/li>\n<li>Broker or dealer in securities<\/li>\n<li>Securities exchange or clearing agency<\/li>\n<li>Other Exchange Act registered entity<\/li>\n<li>Investment company or investment adviser<\/li>\n<li>Venture capital fund adviser<\/li>\n<li>Insurance company<\/li>\n<li>State-licensed insurance producer<\/li>\n<li>Commodity Exchange Act registered entity<\/li>\n<li>Accounting firm<\/li>\n<li>Public utility<\/li>\n<li>Financial market utility<\/li>\n<li>Pooled investment vehicle<\/li>\n<li>Tax-exempt entity<\/li>\n<li>Entity assisting a tax-exempt entity<\/li>\n<li>Large operating company<\/li>\n<li>Subsidiary of certain exempt entities<\/li>\n<\/ul>\n<p><strong>FinCEN\u2019s\u00a0<a href=\"https:\/\/www.fincen.gov\/sites\/default\/files\/shared\/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf\">Small Entity Compliance Guide<\/a><\/strong><strong>\u00a0includes checklists for each of the 23 exemptions that may help determine whether a company meets an exemption<\/strong>\u00a0(see Chapter 1.2, \u201cIs my company exempt from the reporting requirements?\u201d). Companies should carefully review the qualifying criteria before concluding that they are exempt.\u00a0\u00a0<\/p>\n<h1>HOW AND WHEN TO REPORT<\/h1>\n<p>Reporting companies can report beneficial ownership information electronically through\u00a0<strong><a title=\"BOI E-Filing System\" href=\"https:\/\/boiefiling.fincen.gov\/\" target=\"_blank\" rel=\"noopener\">FinCEN&#8217;s BOI E-Filing System<\/a><\/strong>.\u00a0<\/p>\n<ul>\n<li>If your company was created or registered before January 1, 2024, you will have until January 1, 2025, to report BOI.<\/li>\n<li>If your company is created or registered on or after January 1, 2024, you must report BOI within 90 days of notice of creation or registration. Beginning in 2025, that reporting window is 30 days.<\/li>\n<li>Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.<\/li>\n<\/ul>\n<p>Article by <a href=\"https:\/\/www.sos.state.mn.us\/business-liens\/beneficial-ownership-information\/\">sos.state.mn.us<\/a><\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of January 1, 2024, certain types of corporations, limited&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2965","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"admin","author_link":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/author\/admin\/"},"rttpg_comment":2,"rttpg_category":"<a href=\"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/category\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","rttpg_excerpt":"As of January 1, 2024, certain types of corporations, limited...","_links":{"self":[{"href":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/wp-json\/wp\/v2\/posts\/2965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/wp-json\/wp\/v2\/comments?post=2965"}],"version-history":[{"count":0,"href":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/wp-json\/wp\/v2\/posts\/2965\/revisions"}],"wp:attachment":[{"href":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/wp-json\/wp\/v2\/media?parent=2965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/wp-json\/wp\/v2\/categories?post=2965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aelitedigital.com\/Wp-Heroic-Solutions\/wp-json\/wp\/v2\/tags?post=2965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}