The due date for submitting the Beneficial Information Report to FinCen has been updated. Based on recent Supreme Court rulings, the filings for entities with a reporting requirement will need to be submitted by March 21, 2025. Willful violations are punishable by a fine of $606 a day, up to $10,000, and two years in prison with similarly serious penalties for unauthorized disclosure.
Currently, Congress is working on a Bill (H.R. 736, the Protect Small Businesses from Excessive Paperwork Act of 2025) to potentially delay the filing deadline until January 1. 2026. The bill passed the U.S. House of Representatives with a unanimous vote and is currently in Committee in the Senate. We are actively monitoring the legislation and will provide an update should the Bill ultimately become law. Until then, we recommend completing the filing.
Below is a link for filling out the Beneficial Ownership Information Report Online.
While accountants can offer support in preparing documents, gathering relevant financial information, and advising on compliance matters, the responsibility for filling out the Beneficial Ownership Report should rest with the company’s management or legal team, who have a direct understanding of the ownership structure and legal obligations.
Please contact Descroches Partners if you have any questions.
