New Beneficial Ownership Information (BOI) FAQs

Certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States must report information about their beneficial owners to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).

FinCEN has posted new BOI FAQs regarding reporting requirements, compliance, enforcement, exemptions, and more. New FAQs include:
  • Do the BOI reporting requirements apply to S corporations?
  • Are homeowners associations reporting companies?
  • Who is the beneficial owner of a homeowners association?
  • Can beneficial owners own or control reporting companies through trusts?
  • What penalties do individuals face for violating BOI reporting requirements?