Hello Richard,

Your company may be required to file the Beneficial Ownership Information (BOI) report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

BOI reporting entities include:

• LLCs; single member LLCs, including rental properties held in LLC’s and sole proprietorships; or corporations, including homeowner’s associations and trusts
• With fewer than 20 employees, and
• Less than $5 million in gross annual revenue.

Beneficial owners are those who:

• Are owners/shareholders/partners who own at least 25% ownership interest of a reporting entity and/or
• Exercise significant responsibility to control, manage, or direct your company, such as a CEO, CFO, or COO.

In order for SKP to file your BOI report, we will need a copy of the driver’s licenses (front and back) of all owners/shareholders/partners owning 25% or more interest in the reporting entity as well as employees with significant responsibility to control, manage or direct your company, such as CEO, CFO and/or COO as soon as possible. Driver’s licenses can be emailed (front and back) to silvial@skpadvisors.com or you can also text a picture to 203-687-4087. If you have any questions, please call our office at 203-933-1679. For more information on the BOI please read our blog post and visit FinCEN.gov/BOI.

Note: You may be receiving requests from your payroll provider or other third parties to file the BOI on your behalf. We do not recommend using either as the penalty for incorrect or incomplete BOI filings is $500 per day up to $10,000. 

If you have any questions, please contact us or call 203-933-1679.

Thank you.

Rich Pavano, CPA and Michael Fino, CPA