BOI Reporting (FinCEN) — Who Has to File
Most LLCs and corporations now file a BOI report with FinCEN. Civil penalties up to $591/day apply.
The Corporate Transparency Act requires most US entities to report Beneficial Ownership Information to FinCEN. The CTA carves out 23 exemption categories (banks, large operating companies, public charities) — most small businesses don't qualify and must file.
Frequently Asked Questions
More in IRS & Financial
What Is an IRS Installment Agreement?
An IRS Installment Agreement lets you pay back taxes in monthly payments. Here are the types, eligibility rules, fees, and how to apply.
How Does an Offer in Compromise Work?
An Offer in Compromise lets you settle IRS tax debt for less than you owe — but only if you genuinely cannot pay in full. Here is how the IRS evaluates an offer.
How to Stop an IRS Wage Garnishment
An IRS wage garnishment can take up to 85% of your paycheck. Here's how to get it released — sometimes within days.
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