Elevate Hennepin FinCEN reporting guide

Elevate Hennepin FinCEN reporting guide

Note: The filing deadline for FinCEN has been delayed due to ongoing court action. A new deadline has not been set. 

Most small businesses and operating entrepreneurs need to register with the Financial Crimes Enforcement Network (FinCEN) by January 1.

This is a new requirement this year that comes out of the Corporate Transparency Act (CTA) that went into effect on January 1, 2024, and aims to enhance transparency and combat illicit activities.

Business owners can apply for this certification on their own via an online form, but any Hennepin County owners or entrepreneurs that need support can reach out to Elevate Hennepin legal advisors for guidance.

Who needs to file with FinCEN?

Almost every small business is required to report to FinCEN. That includes corporations, limited liability companies (LLCs), and other similar entities created by filing with a secretary of state or similar office.

Certain entities, such as large operating companies, insurance providers, accounting firms, tax-exempt entities, or banks can be exempt, but exemptions are rare.  

Find a comprehensive list of exemptions checklists in multiple languages by reading the FinCEN's Small Entity Compliance Guide.

What information do I need for FinCEN reporting?

• Company information: Legal name, any trade names or DBA names, principal business address, location of formation, and taxpayer identification number (EIN).
• Owner information: For each beneficial owner, report their full legal name, date of birth, residential address, and a unique identifying number from an acceptable identification document (generally a passport or driver's license), along with an image of the document.

How do I file a report with FinCEN?

Filing takes about 20 minutes for most small business owners that have their documents at hand. The whole process is online at the FinCEN website.

1. Visit BOI e-filing system: Visit FinCEN's BOI e-filing system to begin the reporting process.
2. Create an account: Set up an account to securely submit your information.
3. Complete the BOI report: Enter the required information about your company, beneficial owners, and, if applicable, company applicants.
4. Submit the report: Review the information for accuracy and submit the report through the e-filing system.

What are the FinCEN reporting deadlines?

• Existing companies: Entities created or registered before January 1, 2024, must file by January 1, 2025.
• Newly created or registered companies: Entities created or registered this year must file within 30 calendar days of receiving notice that their creation or registration is effective.

What if I don’t file with FinCEN?

Failure to file this report in time can result in penalties as high as $500 per day and criminal penalties, including fines up to $10,000 and imprisonment for up to two years.

Key links

• FinCEN BOI e-filing system
• FinCEN Small Entity Compliance Guide
• FinCEN support and guides
• Elevate Hennepin legal advisors
• Elevate Hennepin Business Navigators