Fluent in Practice Management

Who this Affects: If you registered your business with the Secretary of State’s office, you are required to file the BOI filing. This is required for each entity you form.

Fluence is not filing this for you. We are not authorized to practice law and therefore, will not be able to help you with this.

Penalties for Non-Compliance: Failure to file on time can result in significant penalties, including fines of $591 per day, a potential $10,000 criminal penalty, and up to two years in prison.

When to file this by – If your entity existed on 1/1/24, this registration must take place on or before December 31, 2024. If you started your business during 2024, you have 90 days from the start of the business to file this.

How to file this – Please talk to your attorney as they may help you file this and can quote you a fee. If you prefer to do this yourself, you will do the following:

1. Go to the FinCEN website at https://boiefiling.fincen.gov/
2. The filing of the BOI report should take about 15 minutes. Make sure you have the following information available:
   1. Company legal name and current address
   2. Any assumed business name (DBA) used by your company
   3. EIN of the entity (Federal tax ID)
   4. Ownership information – each owner’s name, birthdate, residential street address, and social security number.
   5. A pdf copy of your driver’s license or passport ready to upload (use a good quality scanned version)

3. There are 5 tabs at the top that you progress through as you complete the filing:
   1. Filing Information
   2. Reporting Company
      1. No need to request to receive the FinCEN ID
      2. Be sure to include the DBA if you have one

• Tax ID type – select “SSN/ITIN” and enter in the Employer Identification Number (EIN) for your business with no dash

1. Company Applicants
   1. Leave FinCEN ID blank
   2. YOU are the applicant (not a 3^rd party)

• You will upload a copy of your license or passport to both this section and the Beneficial Owner section

1. Beneficial Owner
   1. Your personal info
2. Submit
   1. Enter your email address and make sure to select “Download Transcript”.
   2. Retain confirmation as part of your permanent business records. Please send us a copy of our files.

Ongoing Duty to Report Changes Within 30 Days – The initial BOI report filing does not expire, and you do not need to renew it annually. Nonetheless you have an ongoing duty to keep the BOI report up to date by reporting any ownership changes as well as changes listed below. These changes must be reported to FinCEN within 30 days of occurrence.

Information that must be kept current: owner’s legal name, residential address, unique identifier number from a non-expired passport, new driver’s license (i.e. if no changes other than the expiration date, this does not create an updating event). If any of these changes occur, you are required to update your BOI report within 30 days of the change.

Here is the last blog we sent on this for additional information if needed –   https://www.fluenceportland.com/taxes/corporate-transparency-act-how-does-this-affect-you

Please let the manager or partner you work with know if you have any questions.