FINCEN Requirements - DO NOT IGNORE

UPDATE (8/15/2024): FINCEN has not back off the filing requirements or deadlines so if you have not already filed your BOI report, you need to get started today.

• Here is the BOI E-Filing website. Do NOT fall fraudulent attempts to file this form for you.

• Here is FINCEN information page on the BOI reporting. This is a legal not tax filing.

• If you are unsure about filing or how to complete the reporting, we highly encourage you to work with your business attorney to complete the filing.

FINCEN (Financial Crimes Enforcement Network) needs your information

In a world-wide effort to crack down on money laundering, governments want the ability to understand who owns what. So starting in 2023, you will need to file an annual report (BOI) with FINCEN to let them know that you own your dental practice. With fines for non-reporting at $500/day with a maximum of $10,000 and two years in jail, this is not something to ignore.

Things to know:

• FINCEN has not formally completed the BOI (Beneficial Ownership Information) form but will release those details before January 1, 2024

• If the company was established prior to January 1, 2024, you have until December 31, 2024 to complete the filing.

• If the company is established after January 1, 2024, you have 30 days to file the BOI report after the formation date.

• If you own your practice building in an LLC (which you should), you will have to file a BOI report for that entity as well.

• Since FINCEN is not the IRS, CPAs are not allowed to represent you. Therefore, you will need to work with your attorney for guidance on filing and staying compliant.