In September 2022 the Financial Crimes Enforcement Network (FinCEN) issued rules to implement
the Beneficial Ownership Information reporting provisions of the Corporate Transparency Act. The
rules require all reporting companies (subject to the applicability of specific exemptions) to file a
Beneficial Ownership Information Report. Companies created before January 1, 2024, must file the
report by January 1, 2025.
The entities which are required to file the report include limited liability partnerships, business
trusts, and most limited partnerships, in addition to corporations and LLCs, because such entities
are generally created by a filing with a secretary of state or similar office.
The reporting company must report information to identify itself and provide four pieces of
information about each of its beneficial owners: name, birthdate, address, and a unique identifying
number with and issuing jurisdiction form an acceptable identification document.
The entity must report information about their beneficial owners, including full legal name, date of
birth, current residential or business address, and a unique identifying number (e.g. passport or
driver’s license number).
Failure to file can result in a penalty of up to $500 per day.
You may file your report by following this link. Beneficial Ownership Information Report – Boir.org 1
Material discussed is meant to provide general information and it is not to be construed as specific
investment, tax, or legal advice. Neither United Planners nor its financial professionals render legal or
tax advice. Please consult with your accountant or tax advisor for specific guidance.
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Dennis J. Rogers, CPA, CFP® is a Registered Principal offering securities and advisory services through
United Planners Financial Services. Member FINRA/SIPC. FireSky Financial and United Planners
Financial Services are separate companies. He is a partner in a financial advisory practice in Phoenix that
focuses on helping clients make smart decisions about their money based on their personal core values.
He can be reached at drogers@fireskyfinancial.com or 602-748-1900.
1 The information contained herein was taken from the document “Beneficial Ownership information
Reporting Rule Fact Sheet published September 29, 2022 by the Financial Crimes Enforcement Networ
