Do I need to file a FinCEN Beneficial Ownership Information (BOI) report?

Beginning January 1, 2024, many businesses will be required to file an annual report with FinCEN showing who the beneficial owners of the business are. You are the beneficial owner of a business if you:

1. Exercise substantial control over the company, or
2. Own or control at least 25% of the company.

Almost all businesses are subject to this requirement, even small businesses and those that have only one owner. You can review the rules and instructions on the FinCEN website .

If you registered a company with your secretary of state before January 1, 2024, you'll have until January 1, 2025, to file your first BOI report. If you register a company after January 1, 2024, you'll need to file your first report within 30 days from the time the state notifies you that your registration is effective. Note that this report is not part of your tax return, and will need to be filed on the FinCEN website rather than on FreeTaxUSA.