Reporting companies may request a FinCEN identifier by checking a box on the beneficial ownership information report when they submit the report. After the reporting company submits the report, the reporting company will immediately receive a FinCEN identifier unique to that company. If a reporting company wishes to request a FinCEN identifier after submitting its initial beneficial ownership report, it may submit an updated beneficial ownership information report requesting a FinCEN identifier, even if the company does not otherwise need to update its information
@@johanaalvarez6850 Where did you see the new FinCEN ID for the company after submitting the updated BOI report? I have done this but cannot find the FinCEN ID.
Should you get a FinCEN ID as an individual? There is apparently no way to retire one, which means once you have one you must report to FinCEN for the rest of your life, even if every reporting company you were once associated with has closed.
This is not accurate. There's no way to retire one, but you will not report anything once you have no company to report. That would defeat the purpose of it.
@@humbyea I believe reporting individuals are required to report address changes and the like even if they have no reporting companies, because they may in the future have reporting companies. The point of retiring an individual ID is to eliminate reporting in this case.
@@headlibrarian1996 Right, if you change your personal address, it would need to be reported because the individual fincenID is through Login.gov which stores that info. But outside of that, you wouldn't have to report anything when you don't have a company. I just wanted to clarify since your comment seemed to indicate we would be stuck reporting annually for life, which initially worried me until I looked into it. I think it's a minor nuisance as far as address change reporting, unless you move often.
If an entity submitted their BOIR but forgot to select Box 3 (to obtain a FinCEN ID for the entity), is there another way to request one?
Not that we are aware of. 🤷♂️
If I make a correction or update the report and check box 3, can I receive form Fincen Id entity?
Reporting companies may request a FinCEN identifier by checking a box on the beneficial ownership information report when they submit the report. After the reporting company submits the report, the reporting company will immediately receive a FinCEN identifier unique to that company. If a reporting company wishes to request a FinCEN identifier after submitting its initial beneficial ownership report, it may submit an updated beneficial ownership information report requesting a FinCEN identifier, even if the company does not otherwise need to update its information
Sounds like you found the answer!
@@johanaalvarez6850 Where did you see the new FinCEN ID for the company after submitting the updated BOI report? I have done this but cannot find the FinCEN ID.
Should you get a FinCEN ID as an individual? There is apparently no way to retire one, which means once you have one you must report to FinCEN for the rest of your life, even if every reporting company you were once associated with has closed.
The choice will need to be made by each individual based on what’s right for them.
WOW, I did not know that
This is not accurate. There's no way to retire one, but you will not report anything once you have no company to report. That would defeat the purpose of it.
@@humbyea I believe reporting individuals are required to report address changes and the like even if they have no reporting companies, because they may in the future have reporting companies. The point of retiring an individual ID is to eliminate reporting in this case.
@@headlibrarian1996 Right, if you change your personal address, it would need to be reported because the individual fincenID is through Login.gov which stores that info. But outside of that, you wouldn't have to report anything when you don't have a company. I just wanted to clarify since your comment seemed to indicate we would be stuck reporting annually for life, which initially worried me until I looked into it. I think it's a minor nuisance as far as address change reporting, unless you move often.