When do reporting companies use the FinCEN identifier of another entity?
44 views |Last modified 7/19/2024 3:43:24 AM EST | Added by TaxBandits Team

A reporting company may use another entity's FinCEN ID in its BOI report instead of submitting the information of its beneficial owners when the following three conditions are met:

• The other entity has already obtained a FinCEN ID and has given it to the reporting company.
• The beneficial owners have an ownership interest in the reporting company through the other entity.
• The beneficial owners are the same individuals for the reporting company and the other entity.