FinCEN Compliance / BOI Reporting

What Is FinCEN BOI Reporting?

FinCEN BOI reporting is a new mandatory business filing requiring most U.S. entities to submit information to the Financial Crimes Enforcement Network (FinCEN) in 2024. This requirement stems from a new law -- the Corporate Transparency Act – enacted to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement started in 2024 and it is enforced by potential penalties including fines of $500 per day up to $10,000.

Who Is Affected? 

Entities required to report FinCEN BOI include corporations, LLCs, S-corps, LLPs, and other entities created by filing a document with any U.S. State. Most for-profit business entities will be required to file this report unless they qualify for an exemption.

Services Offered

Rudolph Kaplan will be offering FinCEN BOI compliance reporting as a service for our clients. Some accounting firms and non-professional service firms are offering these services as well, but many are not, leaving this reporting responsibility up to the individual business owners.

What next steps should I take?

Please contact us here at Rudolph Kaplan for more information.