California FinCEN BOIR Filing Requirements and Deadlines

California businesses face new reporting obligations under the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Information (BOI) requirements. These rules aim to enhance transparency and combat financial crimes by requiring companies to disclose their beneficial owners.

Companies created or registered in California in 2024 have 90 calendar days from the date of receiving actual or public notice of their creation or registration to file their initial BOI reports with FinCEN. This extended deadline provides additional time for new entities to comply with the reporting requirements.

For California companies established before 2024, the deadline to submit BOI reports is January 1, 2025. Entities formed on or after January 1, 2025, must file within 30 calendar days of registration. BOI reports are submitted electronically through FinCEN’s secure BOI E-Filing website, ensuring the protection of sensitive ownership information.

What is FinCEN BOI reporting?

FinCEN BOI reporting is a requirement established by the Corporate Transparency Act of 2021. It mandates certain companies to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).

Beneficial owners are individuals who ultimately own or control a company. This reporting aims to enhance transparency and combat illicit financial activities.

The BOI reporting system began accepting submissions on January 1, 2024. Companies must file reports through FinCEN’s secure e-filing system.

Key aspects of BOI reporting include:

• Providing accurate information about beneficial owners
• Certifying the truthfulness and completeness of the report
• Meeting specific deadlines for filing

Existing companies have one year from the start date to file their initial reports. New companies must submit reports within 90 days of creation or registration.

BOI reporting applies to various entity types, including corporations, limited liability companies, and similar structures created or registered to do business in the United States.

This initiative is part of broader efforts to curb financial crimes and increase corporate accountability. It represents a significant change in how companies disclose ownership information to federal authorities.

What is a BOI identifier for FinCEN?

A BOI identifier, also known as a FinCEN identifier or FinCEN ID, is a unique number issued by the Financial Crimes Enforcement Network (FinCEN). This identifier is assigned to individuals or entities for use in beneficial ownership information reporting.

The FinCEN identifier serves as a streamlined way to provide required information about beneficial owners. It can be used in place of repeatedly submitting detailed personal information for each filing.

Individuals and entities can apply for a FinCEN identifier through the BOI E-Filing System. Once obtained, this unique number can be used in subsequent filings to simplify the reporting process.

Key features of the FinCEN identifier include:

• Unique to each individual or entity
• Issued by FinCEN upon application
• Simplifies repeated reporting requirements
• Can be used in place of detailed personal information

The FinCEN identifier is an optional tool designed to make BOI reporting more efficient for those who frequently file or are listed in multiple reports. It aims to reduce the administrative burden while maintaining the integrity of beneficial ownership information.

Do I need to file a FinCEN BOIR in California?

Companies created or registered to do business in California may need to file a Beneficial Ownership Information Report (BOIR) with the Financial Crimes Enforcement Network (FinCEN). This requirement applies to certain corporations, limited liability companies, and similar entities.

The filing obligation is not specific to California but is a federal requirement. Companies must assess their eligibility based on FinCEN’s criteria, which include factors such as the entity type and any applicable exemptions.

To determine if filing is necessary, companies should consider:

• Entity structure (corporation, LLC, etc.)
• Date of formation or registration
• Annual revenue
• Number of employees
• Industry-specific exemptions

FinCEN provides resources to help entities understand their reporting obligations. Companies can access the BOI E-Filing website to submit their reports if required.

It’s important to note that while companies like ours can assist with filing, their use is not mandatory. Companies can submit BOIRs directly through FinCEN’s free online service. We just make things a little easier and help you confidently navigate the process. 

Who has to file a BOIR with FinCEN?

Certain entities created in or registered to do business in the United States must file a Beneficial Ownership Information Report (BOIR) with FinCEN. This requirement applies to corporations, limited liability companies, and similar business structures.

Reporting companies include domestic corporations, limited liability companies, and other entities formed by filing documents with a secretary of state or similar office. Foreign entities registered to do business in the U.S. also fall under this category.

Some exemptions exist for specific types of entities, such as:

• Publicly traded companies
• Tax-exempt organizations
• Banks and credit unions
• Insurance companies
• Accounting firms

Small businesses with fewer than 20 full-time employees and less than $5 million in annual gross receipts may also be exempt from filing.

The BOIR filing requirement aims to enhance transparency and combat illicit activities like money laundering and terrorist financing. Companies must report information about their beneficial owners – individuals who ultimately own or control the entity.

Filing can be done directly through FinCEN’s BOI E-Filing website. While professional assistance is not required, entities may choose to consult with legal or financial advisors to ensure compliance with reporting obligations. That’s where Laguna Legal comes in. We are up to date on all the latest about FinCEN BOIR in California and can help you navigate the process. Contact us today to learn more! 

Where do I file a BOIR?

Beneficial Ownership Information Reports (BOIRs) are filed electronically through FinCEN’s secure BOI E-Filing system. This online platform is accessible at boiefiling.fincen.gov.

To submit a BOIR, users should navigate to the BOI E-Filing website and select the “File BOIR” option. The system offers two filing methods:

1. Online BOIR: Completed directly through a web browser
2. PDF BOIR: Uploaded as a PDF document

The BOI E-Filing service is provided free of charge by FinCEN for reporting beneficial ownership information.

Filers should exercise caution when receiving correspondence about BOIR filing from unknown parties. It’s important to verify the legitimacy of any communication claiming to be associated with FinCEN or the BOIR process.

FinCEN has issued warnings about false claims of authorized service providers. The official filing process should only be conducted through the secure FinCEN platform.

For step-by-step guidance on submitting a BOIR, FinCEN provides detailed instructions for both online and PDF filing methods on their website. However, it is complicated, time-consuming, and requires a lot of attention to detail. If filing seems daunting to you, Laguna Legal is here to help you get through this process with ease. Contact us today!

What is the deadline to file a FinCEN BOIR in California?

The deadline for filing a FinCEN Beneficial Ownership Information Report (BOIR) in California varies based on the company’s creation or registration date.

For companies established before January 1, 2024, the filing deadline is January 1, 2025. This provides ample time for existing businesses to gather the necessary information and comply with the new requirements.

Companies created or registered between January 1, 2024, and December 31, 2024, have a 90-day window to file their BOIR. This period begins from the date of their creation or registration.

Starting January 1, 2025, new companies must file their BOIR within 30 days of their creation or registration date. This shorter timeframe reflects the expectation that businesses will be more familiar with the filing process by this point.

It’s crucial for California businesses to adhere to these deadlines. Non-compliance can lead to both civil and criminal penalties imposed by FinCEN.

To file a BOIR, companies should use FinCEN’s free online BOI E-Filing system. This secure platform is accessible through the official FinCEN website.

Work with Laguna Legal to File your FinCEN BOIR

Laguna Legal offers expert assistance with filing FinCEN Beneficial Ownership Information Reports (BOIR) for California or any out of state businesses. Our experienced team understands the complexities of the new reporting requirements.

We provide comprehensive support throughout the filing process, including:

• Determining reporting obligations 
• Gathering required information 
• Preparing accurate BOI reports
• Submitting filings through FinCEN’s e-filing system 
• Ensuring compliance with deadlines

Laguna Legal stays up-to-date on the latest FinCEN guidance and regulations. This allows us to provide our clients with current, reliable advice on BOIR compliance.

Working with Laguna Legal can help you navigate California BOIR requirements efficiently and confidently. Our expertise allows you and your business to focus on your operations while ensuring regulatory compliance.

Contact us today to get started!