Starting on January 1, 2024 existing LLCs, Corporations, and business entities are required to file a Beneficial Ownership Information (BOI) report about who ultimately owns and controls them by January 1, 2025. Failure to comply may result in fines of up to $500 per day and a criminal charge which may include imprisonment for up to two years and/or a fine of up to $10,000.
The US Treasury has published a Guide titled, “SMALL ENTITY COMPLIANCE GUIDE, Beneficial Ownership Information” from Financial Crimes Enforcement Network U.S. Department of the Treasury Version 1.0 September 2023.
See: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf
The Reporting Rule exempts twenty-three (23) specific types of entities from the reporting Requirements, including “Exemption No 19 Tax-Exempt Entity”.
Churches and church ministries are included as Tax Exempt Entities and do not need to fill out the FinCen (BOI).