As a valued member of our business community, we want to remind you about the importance of reporting beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Fulfilling this requirement is not only essential for regulatory compliance but also plays a significant role in combating financial crimes and enhancing transparency within our industry.

Reporting your company’s beneficial ownership information can seem overwhelming, but we’re here to support you every step of the way. You have two options for completing this process:

Do It Yourself (DIY):

If you feel confident in navigating the reporting requirements independently, you can proceed with submitting your BOI report directly to FinCEN. The process has been streamlined, and detailed instructions are available on the BOI E-Filing website.

Access the form by going to FinCEN’s BOI E-Filing website (https://boiefiling.fincen.gov) and select “File BOIR.”

Seek Assistance from SBDC:

Alternatively, if you prefer guidance and support in filling out the application form, we encourage you to contact the Small Business Development Center (SBDC) for expert assistance. SBDC advisors are well-versed in regulatory compliance matters and can provide personalized support to ensure accurate and timely submission of your BOI report.

Here’s how you can reach out to SBDC for assistance:
Phone: (609) 771-2947 / (609) 771-2096 (Español)
Email: info@sbdcnj.com
Website: www.sbdcnj.com

Remember, the deadline for reporting beneficial ownership information varies depending on your company’s registration date. It’s essential to act promptly to avoid any potential penalties or compliance issues.

  • A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
  • A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
  • A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.

Understanding Penalties for Non-Compliance:

Violating BOI reporting regulations under the Corporate Transparency Act can result in civil penalties of up to $500 per day and criminal penalties, including imprisonment for up to two years and fines of up to $10,000.

Obligation to Report for Certain Companies:

Determine if your company must report beneficial ownership information to FinCEN. Reporting entities include domestic corporations, limited liability companies, and foreign entities registered to do business in the U.S. Exemptions apply to 23 entity types, including certain nonprofits and large operating companies. Visit the official FinCEN website for more details: https://www.fincen.gov/boi-faqs#C_1

SBDC Can Help:

We understand that regulatory compliance can be complex, but please know that SBDC is here to support you. Should you have any questions or require assistance navigating these requirements, please don’t hesitate to reach out to us we’re here to support you in fulfilling your reporting obligations. Visit us at www.sbdcnj.com.