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A new law went into effect January 1, 2024 requiring small businesses to report who their owners are through the Beneficial Owner Information Report (“BOIR”). This helps the US Financial Crimes Bureau protect businesses from money laundering, corruption, and fraud.
You are required to submit a BOIR if you:
1. Own an LLC or LLP
2. Have under $5M in revenue
3. Have under 21 employees
We’ll file it for you for free. Have peace of mind with our Accurate Filing Guarantee. Get started >
Every year we’ll file it for you and you can track it along the way.
With Palm you can autofill forms, get compliance reminders and more!
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Expert personal review
Palm’s expert FINCEN team will manually review each submission & alert you with any changes or concerns
Save For The Future
Palm submits directly to FINCEN through Palm’s Secure Integration and will send you your transcript and newly created FINCEN ID, saving your profile to file in future years.
Failing to comply can lead to serious consequences:
• Criminal penalties: Up to two years in prison and/or fines up to $10,000.
• Civil penalties: Fines up to $591 per day until you comply.
Deadlines to Remember:
• Existing businesses (established before January 1, 2024): File by January 1, 2025.
• New businesses (formed on or after January 1, 2024): File within 90 days of formation.
Even timely filings can incur penalties if information is inaccurate. Palm ensures your report is correct and comprehensive.
Some entities are exempt from filing, including:
• Publicly traded companies
• Tax-exempt nonprofit organizations
• Certain large operating companies
• Other specific entities defined by FinCEN
Palm can help you determine if your business qualifies for an exemption, giving you clarity and peace of mind.
Whether you own a single-member or multi-member Limited Liability Company (LLC), you're required to comply with the new reporting requirements. Palm simplifies this process, providing the guidance you need to meet federal mandates confidently and efficiently.
Yes. New Businesses have to file within 90 days of formation or face penalties.