The Financial Crimes Enforcement Network, or FinCEN, is the organization responsible for the new BOI rules. The Beneficial Ownership Information reporting provisions, or BOI provisions were put in place in order to crack down on "shell" and "front" companies who serve to protect illicit activities. They serve to hide the identities of individuals and can be used to do criminal activities such as money laundering. They have even been linked to threats relating to national security.
Naturally, FinCEN has updated its rules in order to better combat these threats. These provisions apply to corporations, LLCs, and other entities created by filling to the government. However there are several exceptions on who does and does not need to heed the rule. In addition, BOI requirements state that BOI specific form need to be filled out detailing the "beneficial owners" of the firm, among other firm information. These changes will be active as of January 1st, 2024.
As the date to file your forms becomes ever closer, we at 200GFS are happy to help you with any problems you may encounter. Whether it is questions about the process, or you need someone to file these documents for you, 200GFS can solve all of these issues in a timely manner. Contact us below using the information at the bottom.
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