FinCEN BOI Filing Requirement

The Federal government is requiring that small businesses that do less than $5,000,000 a year in revenue AND have less than 20 full-time employees register with FinCen and file a report.

The government is looking to see who owns each business – “Beneficial Ownership Interest” or (BOI) – in an attempt to prevent/track money laundering. Any company that is required to report must also quickly report any change in ownership.

If you own multiple businesses, this filing is required for each entity.

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