How to File BOI Report in New Mexico – Ultimate Guide (2024)


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How to file a BOI Report in New Mexico: Since the Corporate Transparency Act, the Beneficial Ownership Information (BOI) principle has become an important aspect of the regulatory framework for Limited Liability Companies, Corporations, and all types of business structures. This act aims to increase transparency and fight against illegal financial activities by requiring businesses to disclose information about beneficial owners. In New Mexico, companies must comply with these BOI reporting obligations, and this guide will give a comprehensive overview of the processes involved, entities affected, and compliance actions that must be put in place.

New Mexico, also known as The Land of Enchantment, has a population of 2,135,024. That makes the state small business friendly. According to the act, small and medium-sized businesses have to file BOI reports. In this article, LLCBuddy editors shared the latest update and mandate on filing BOI reports in New Mexico

What is Beneficial Ownership in New Mexico?

Beneficial ownership in New Mexico entails individuals who own or control an entity ultimately even though legal ownership rests with some other person. These persons may have significant influence over it or hold substantial interest therein as owners. Identifying who qualifies as a beneficial owner is a critical first step in complying with BOI reporting requirements. To be a beneficial owner, one must meet at least one of the following:

  1. Has direct or indirect ownership of 25% or more of the entity’s equity interests
  2. Directly or indirectly exercises significant control over the entity

It should be noted that beneficial ownership can involve complicated ownership structures; therefore entities should conduct thorough assessments of their organizational structure and holdings.

Beneficial Ownership Information Reporting

The BOI (Beneficial Ownership Information) Report is a memo or document that every small and medium-sized business (exemption applicable) has to file with the Financial Crimes Enforcement Network (FinCEN). In New Mexico, any LLC that is eligible to enlist under the reporting company must file the BOI Report within the given period.

It is not only mandatory for all businesses in New Mexico but also can lead to heavy monetary penalties along with imprisonment. There are many reasons why the Corporate Transparency Act was started and BOI Report filing becomes mandatory for all businesses in New Mexico.

BOI Reporting Companies (Entities) in New Mexico

Not every company, located in New Mexico, is required to file BOI reports with FinCEN. Only the eligible companies (Reporting Companies) are liable to file the BOI report. Following are the requirements for BOI reporting,

Entities Required to Report

There are certain entities that are considered “Reporting Companies” as per the Corporate Transparency Act and must report beneficial ownership information. Normally, these include:

Exempted Entities

However, it is important to note that there are certain entities in New Mexico that do not have BOI reporting requirements such as;

corporate-act
  • Sole proprietorships or any business structure that does not require registration under New Mexico SOS.
  • Large entities (more than 20 employees with $5M revenue)
  • Tax-exempt organizations
  • Inactive entities meeting specific criteria
  • Subsidiaries of exempt entities
  • Complex ownership that is not publicly known

For PLLCs, selected types of companies get to file BOI reports. Small PLLCs that do not meet the eligibility of reporting companies are exempted from filing BOIR. Besides, PLLCs that are already under stringent regulatory authority like the medical or law field, might get an exemption too.

List of Entities Exempted from BOI Reporting According to FinCEN

  • Securities reporting issuer
  • Governmental authority
  • Bank
  • Credit union
  • Depository institution holding company
  • Money services business
  • Broker or dealer in securities
  • Securities exchange or clearing agency
  • Other Exchange Act registered entity
  • Investment companies or investment advisers
  • Venture capital fund adviser
  • Insurance company
  • State-licensed insurance producer
  • Commodity Exchange Act registered entity
  • Accounting firm
  • Public utility
  • Financial market utility
  • Pooled investment vehicle
  • Tax-exempt entity
  • Entity assisting a tax-exempt entity
  • Large operating company
  • Subsidiary of certain exempt entities
  • Inactive entity

Entities should review their classification carefully in order to ascertain if they fall under the requirement for reporting or qualify for an exemption. It is recommended to consult an expert before you start filing your BOI Report. Also, not only the above-mentioned sectors but also the size and structure of the business matters when it comes to filing the report. Hence, it is important to consult an expert beforehand.

How to File a BOI Report in New Mexico?

In New Mexico, you can file your BOI report in two ways. The report can be filed online or offline. The process is pretty simple. There is an online and offline (PDF) form available. The reporting company in New Mexico has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in New Mexico

Recommended: You can fill up and file the BOI forms easily and without hassle by hiring a professional service. We recommend using –

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TailorBrands(BOI Report Filing)

Online BOI Report Filing in New Mexico

  • Step 1: For online filing, reporting companies in New Mexico are required to visit the FinCEN BOIR e-filing page.
  • Step 2: The first page shows 4 options, Initial Report, Correct Prior Report, Update Prior Report, and Newly Exempt Entity.
  • Step 3: For the fresh filing, select Initial Report and click NEXT.
  • Step 4: On the next page, fill out the form for Reporting Company and ask for FinCEN ID.
  • Step 5: The ‘Company Applicant’ page comes up next. Add the details wherever is required.
  • Step 6: The next page shows the details of the Beneficial Owner(s). Also, mention if there is an exemption.
  • Step 7: Submit the online form after sharing your name and email on the final page.
BOI reporting e-filing

Offline BOI Report Filing in New Mexico

  • Step 1: For offline filing, visit the FinCEN BOI Report filing page
  • Step 2: Download the PDF form from the ‘Prepare BOIR’ option
  • Step 3: The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Step 4: Save the form on your device.
  • Step 5: Fill it up with the correct information. Make sure to select the ‘Initial Report’ if you’re filing it afresh. For correction or updating the previous form, select the other options.
  • Step 6: Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • Step 7: On the Submit page, you will have to provide your name and email. Click on the ‘upload document’ section to upload the PDF form and submit it.
BOI offline filing

Though it is not very difficult to file a BOI Report on your own, it is recommended to get a professional help. Mainly because of the diverse business structure. We recommend TailorBrands as they not only offer free LLC formation, but also guide you through the BOI reporting process and deadline. That can save you a lot of money and penalty.

LLCBuddy Editors

Reporting Process and Timeline

BOI Reporting effectively becomes mandatory from January 1, 2024, in New Mexico and the rest of the United States. All the LLCs in New Mexico, Corporations, and other types of businesses registered under New Mexico Secretary of State will have to file the report within the given time.

  • Entities in New Mexico incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
  • Entities in New Mexico incorporated or registered on or after January 1, 2024, will have to file their BOI report within 90 working days from the date of completion of company registration with New Mexico SOS or similar authority.
  • Entities in New Mexico incorporated or registered on or after January 1, 2025, will have to file their BOI report within 30 working days from the date of completion of company registration with New Mexico SOS or similar authority.

Penalties for Non-Compliance with CTA (BOI Report Filing)

The authority decides to make it more difficult for the companies that fail to comply with the Corporate Transparency Act or BOI report filing. Following are the monetary and other penalties for non-compliance,

  • The Civil Penalty for missing the deadline in New Mexico is $500 a day for the company
  • The Criminal Penalty for not filing the BOI Report in New Mexico is $10,000
  • Continuing violating rules and non-compliance in New Mexico can lead to 2 years imprisonment

The FinCEN makes sure that every reporting company must file the BOI report as soon as they meet the eligibility criteria. The penalty is heavy, especially for small businesses in New Mexico.

BOI Reporting Required Information in New Mexico

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in New Mexico. The compulsory information to be given in respect of each beneficial owner includes:

business requirement
  • Reporting Company legal name
  • Alternative or DBA Name (if any)
  • Tax Identification type
  • Country/Jurisdiction of Formation
  • Address (number, street, and apt. or suite no.)
  • Individual’s Full Legal Name
  • Date of birth
  • Current Address
  • Identifying document (Type, Number, Issuing Jurisdiction, Image)
  • Beneficial Owner Details (Legal Name, FinCEN ID, Address, DOB)

Entitles should confirm that the information given is correct and up-to-date as any inconsistencies or inaccuracies may attract penalties.

Ensuring their BOI reports are accurate and updated is a responsibility that these bodies have. Disputes or concealed information, therefore, need to be attended to quickly and openly as this is essential in compliance maintenance. Should organizations fail to do this, they may invite increased scrutiny with possible penalties imposed against them.

Privacy and Data Security

While the requirements for BOI reporting in New Mexico aim at increasing transparency levels, there are practical challenges faced by entities regarding the identification and disclosure of beneficial ownership information. These may include:

  • Complexity in identifying beneficial ownership for entities with intricate ownership structures or multi-layered holding companies.
  • Difficulties in obtaining accurate and up-to-date information from beneficial owners, particularly where ownership interests are held indirectly or via intermediaries.
  • This places an additional burden on small businesses which will find it hard to deploy enough resources and personnel to deal with compliance matters.

Entities can overcome these hurdles through engagement of professionals’ advice; and having internal mechanisms that strengthen their capacity to communicate with their beneficiaries.

Regulatory and Legal Considerations

In addition to the issues above, entities in New Mexico must also navigate numerous regulatory and legal considerations when reporting BOI. These include:

  • Balancing transparency with legitimate privacy concerns, especially for individuals who may be exposed to personal safety risks or other sensitive situations.
  • Addressing international implications and cross-border ownership structures since BOI reporting requirements can vary across jurisdictions.
  • Compliance with other relevant legislations such as anti-money laundering (AML) laws and know-your-customer (KYC) regulations is necessary as well.

What helps entities address these concerns is consulting the legal fraternity on changes occurring within the regulatory space.

Anticipated Changes and Updates

With time, FinCEN together with other relevant agencies will provide further guidance on complying with these reporting requirements as financial crime evolves. For instance, new changes could affect how they comply with these requirements. Additionally, in the future, there is a possibility of expanding or modifying the reporting requirements to deal with emerging issues or any possible loopholes.

Impact on Businesses and Financial Sector in New Mexico

The introduction of BOI reporting requirements will have profound effects on both corporate entities and the financial sector as a whole. Likely consequences could include:

  • Increased administrative burdens and compliance costs for firms, especially at the early stages of implementation.
  • Enhanced due diligence procedures by financial institutions to verify the accuracy of BOI reports and identify potential red flags.
  • Business practices may change leading to ownership structures that are more flexible to fit into new transparency needs.
  • Entities that have complex ownership arrangements or those operating internationally may face some difficulties.

Nonetheless, in the long run, it can be expected that this law would go towards creating an environment where business is transparent and accountable thus enhancing trust and integrity within the financial system.

Significance of Reporting Beneficial Ownership Information

Reporting BOI is essential for several reasons. We have come up with three main reasons that CTA pointed out for having BOI reporting.

business
  • Preventing Illegal Activities: Identifying true owners helps to combat money laundering, terrorist financing, and other financial crimes in New Mexico since bad actors cannot hide behind complex corporate structures.
  • Enhancing Transparency: It ensures corporate transparency and accountability so that entities cannot operate under cover but are required to reveal who their beneficial owner(s) are.
  • Facilitating Law Enforcement: Accurate data on BOI allows law enforcement authorities to investigate and prosecute fraudulent activities better thus protecting a fair business environment.

Starting an LLC in New Mexico or forming a corporation in New Mexico can be an eyewash of hiding other shady activities or illegal businesses. Companies often create shell companies to money launder. This reporting was started to prevent such activities in New Mexico.

State Specific Data: New Mexico

Capital and Incorporation

  • The capital of New Mexico is Santa Fe.
  • The population of New Mexico: 2,135,024
  • The Annual GDP of New Mexico: 123,819
  • Incorporation in New Mexico can be done through various methods including online and offline. For more details, visit New Mexico Secretary of State.
  • Incorporation Method in New Mexico (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in New Mexico (Offline): Send the form by mail to Business Services Division, 325 Don Gaspar, Suite 300 Santa Fe, NM 87501.

Filing Fees

  • LLC Initial Filing Fee: $50
  • LLC Amendment Fees: $50
  • Annual Fee: $0 because it is not mandatory
  • DBA Filing Fee: $0, as it is not mandatory to file DBA name in this state
  • Incorporation Fee: Minimum $100 to maximum $1000 for filing online or by mail. It depends on the amount of shares
  • Registered Agent Change Fee: $20
  • Corporate Amendment Fee: $50

Important Offices

  • State Tax Office: New Mexico Taxation and Revenue Department
  • State Insurance Office: New Mexico Office of the Superintendent of Insurance
  • Secretary of State Address: Business Services Division, 325 Don Gaspar, Suite 300 Santa Fe, NM 87501
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​
  • Filing Method for DBA: several methods, however, it is not mandatory to file a DBA name in Kansas
  • Filing Fee for DBA: $0, as it is not mandatory to file DBA name in this state
  • Online Filing for DBA: No online form is available, as it is not mandatory to file a DBA name in Kansas.
  • Offline Filing for DBA: No PDF form is available, as it is not mandatory to file a DBA name in Kansas

By staying compliant with the BOI reporting requirements and leveraging the resources available in New Mexico, businesses can ensure they meet all regulatory obligations efficiently.

FAQs

How do I file a BOI report in New Mexico?
You can file a BOI report in New Mexico by contacting the New Mexico Regulation and Licensing Department.
What information do I need to include in my BOI report in New Mexico?
When filing a BOI report in New Mexico, you will need to include details about the incident, such as the date, time, and location.
Can I file a BOI report in New Mexico online?
Yes, you can file a BOI report in New Mexico online through the New Mexico Regulation and Licensing Department’s website.
Is there a deadline for filing a BOI report in New Mexico?
It is important to file a BOI report in New Mexico as soon as possible after the incident, but there is no specific deadline.
Do I need to provide any evidence when filing a BOI report in New Mexico?
Yes, it is helpful to include any evidence or documentation you have when filing a BOI report in New Mexico.
How long does it take to process a BOI report in New Mexico?
The time it takes to process a BOI report in New Mexico can vary depending on the complexity of the case.
Can I file a BOI report in New Mexico anonymously?
No, you will need to provide your contact information when filing a BOI report in New Mexico.
What can I expect to happen after filing a BOI report in New Mexico?
After filing a BOI report in New Mexico, an investigation will be conducted to determine the facts surrounding the incident.
Is there a fee for filing a BOI report in New Mexico?
There is no fee for filing a BOI report in New Mexico.
Can I file a BOI report in New Mexico on behalf of someone else?
Yes, you can file a BOI report in New Mexico on behalf of someone else with their consent.
Can I file a BOI report in New Mexico for any type of incident?
You can file a BOI report in New Mexico for a wide range of incidents, including accidents, injuries, and violations.
What is the purpose of filing a BOI report in New Mexico?
The purpose of filing a BOI report in New Mexico is to document and report incidents for further investigation and action if necessary.
Can I withdraw a BOI report in New Mexico once it has been filed?
It may be possible to withdraw a BOI report in New Mexico, but you should contact the appropriate agency for guidance.
How can I follow up on a BOI report in New Mexico?
You can follow up on a BOI report in New Mexico by contacting the agency where it was filed and requesting an update on the status of the investigation.
Can I appeal the outcome of a BOI report in New Mexico?
If you are dissatisfied with the outcome of a BOI report in New Mexico, you may have the option to appeal the decision through the appropriate channels.
Are there specific guidelines for filing a BOI report in New Mexico?
Yes, there are guidelines and protocols for filing a BOI report in New Mexico that should be followed to ensure the accuracy and thoroughness of the report.
Can I file a BOI report in New Mexico for an incident that occurred outside of the state?
No, you should file a BOI report in New Mexico for incidents that occurred within the state’s jurisdiction.
Can I request a copy of a BOI report in New Mexico?
Yes, you can request a copy of a BOI report in New Mexico through the appropriate channels, such as the New Mexico Regulation and Licensing Department.
How can I make corrections to a BOI report in New Mexico?
If you need to make corrections to a BOI report in New Mexico, you should contact the agency where it was filed and provide the necessary information.
Can I file a BOI report in New Mexico for a workplace incident?
Yes, you can file a BOI report in New Mexico for workplace incidents, such as accidents, injuries, or violations.
Can I file a BOI report in New Mexico for a motor vehicle accident?
Yes, you can file a BOI report in New Mexico for motor vehicle accidents that occurred within the state.
Can I file a BOI report in New Mexico for a property damage incident?
Yes, you can file a BOI report in New Mexico for incidents involving property damage, such as vandalism or theft.
Can I file a BOI report in New Mexico for a criminal offense?
No, you should report criminal offenses to the appropriate law enforcement agency in New Mexico.
Can I file a BOI report in New Mexico for a medical malpractice incident?
Yes, you can file a BOI report in New Mexico for incidents of suspected medical malpractice.
Can I file a BOI report in New Mexico for a consumer fraud incident?
Yes, you can file a BOI report in New Mexico for incidents of consumer fraud or deceptive practices.
Can I file a BOI report in New Mexico for a discrimination incident?
Yes, you can file a BOI report in New Mexico for incidents of discrimination in housing, employment, or public accommodations.
Can I file a BOI report in New Mexico for a landlord-tenant dispute?
Yes, you can file a BOI report in New Mexico for disputes between landlords and tenants over issues such as maintenance, rent, or lease terms.
Can I file a BOI report in New Mexico for a noise complaint?
Yes, you can file a BOI report in New Mexico for noise complaints that violate local ordinances or disturb the peace.
Can I file a BOI report in New Mexico for a licensing violation?
Yes, you can file a BOI report in New Mexico for violations of professional licensing requirements or regulations.
How do I file a boi report in New Mexico?
You can file a boi report in New Mexico by submitting the necessary documentation to the appropriate agency.
Where can I obtain the necessary forms to file a boi report in New Mexico?
You can obtain the necessary forms to file a boi report in New Mexico from the New Mexico Board of Investments.
What information do I need to include in my boi report in New Mexico?
You will need to include detailed information about your business operations, financials, and any other relevant information in your boi report in New Mexico.
Is there a deadline for filing a boi report in New Mexico?
Yes, there is a deadline for filing a boi report in New Mexico. Make sure to check with the New Mexico Board of Investments for specific deadlines.
Can I file a boi report in New Mexico online?
Yes, you can typically file a boi report in New Mexico online through the official website of the New Mexico Board of Investments.
What happens if I fail to file a boi report in New Mexico?
If you fail to file a boi report in New Mexico, you may face penalties or fines imposed by the New Mexico Board of Investments.
Are there any fees associated with filing a boi report in New Mexico?
There may be fees associated with filing a boi report in New Mexico. Check with the New Mexico Board of Investments for more information.
Can I submit a boi report in New Mexico anonymously?
Typically, boi reports in New Mexico require disclosure of the reporting party’s identity. Check with the New Mexico Board of Investments for specific guidelines.
Will my identity be protected if I file a boi report in New Mexico?
The New Mexico Board of Investments has procedures in place to protect the identity of individuals who file boi reports, but there are no guarantees of complete anonymity.
What types of violations should be reported in a boi report in New Mexico?
Any violations of laws, regulations, or ethical standards related to investments in New Mexico should be reported in a boi report.
Can I file a boi report in New Mexico if I am not a resident of the state?
Yes, you can file a boi report in New Mexico regardless of your residency status.
Can I file a boi report in New Mexico on behalf of someone else?
Yes, you can file a boi report in New Mexico on behalf of someone else as long as you have their consent to do so.
How long does it take for the New Mexico Board of Investments to review a boi report?
The timeline for reviewing a boi report in New Mexico can vary depending on the complexity of the case and other factors.
Is there protection against retaliation for those who file boi reports in New Mexico?
New Mexico has anti-retaliation laws in place to protect individuals who file boi reports from retaliation by their employers or others.
Can I file a boi report in New Mexico if I have already reported the issue internally?
Yes, you can file a boi report in New Mexico even if you have already reported the issue internally. It is important to follow the appropriate procedures.
What should I do if I suspect fraud but don’t have concrete evidence to include in a boi report in New Mexico?
You can still file a boi report in New Mexico with your suspicions and any relevant details. The New Mexico Board of Investments will investigate further.
Can I file a boi report in New Mexico if I am a whistleblower?
Yes, New Mexico law protects whistleblowers who file boi reports in good faith against retaliation.
What is the process for investigating a boi report in New Mexico?
The New Mexico Board of Investments will typically conduct an investigation into any boi reports filed to determine the validity of the claims.
Can I appeal a decision made by the New Mexico Board of Investments regarding a boi report?
Yes, there may be an appeals process available if you disagree with a decision made by the New Mexico Board of Investments regarding a boi report.
Are there any specific reporting requirements for nonprofits filing boi reports in New Mexico?
Nonprofits are subject to the same reporting requirements as other entities when filing boi reports in New Mexico.
How can I follow up on the status of a boi report I have filed in New Mexico?
You can contact the New Mexico Board of Investments to inquire about the status of a boi report you have filed.
Can I file a boi report in New Mexico if I am an employee of a company rather than an investor?
Yes, employees can also file boi reports in New Mexico if they have concerns about unethical or illegal practices within their organization.
Will I be notified of the outcome of the investigation into my boi report in New Mexico?
The New Mexico Board of Investments typically provides some form of notification regarding the outcome of an investigation into a boi report.
What should I do if I suspect someone has filed a false boi report in New Mexico against me or my organization?
You can reach out to the New Mexico Board of Investments to report any suspicions of false boi reports being filed.
Are there any reporting requirements specific to environmental violations in boi reports filed in New Mexico?
If the investment in question involves environmental violations, you should include this information in your boi report filed in New Mexico.
Can I file a boi report in New Mexico if the violation occurred in a different state?
It is recommended to file a boi report in the state where the violation occurred. However, you may also be able to file in New Mexico if the entity involved is based there.
Can I submit additional evidence or information after filing a boi report in New Mexico?
You may be able to submit additional evidence or information after filing a boi report in New Mexico. Check with the New Mexico Board of Investments for specific guidelines.
Are there any resources available to help me understand how to file a boi report in New Mexico?
Yes, the New Mexico Board of Investments website may have information and resources available to help you understand the process of filing a boi report.

Also Read

In Conclusion

In the world of business, conducting illicit monetary transactions is not a new thing. To prevent that the Corporate Transparency Act came into the picture. Businesses in New Mexico, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In New Mexico, the companies must understand the obligations to comply with the rules.

In New Mexico, before you start filing the BOI Report, there are a few important points to note. Important points worth noting are:

  • Identifying beneficial owners from their control or ownership interests over the entity.
  • Reporting accurate information at all times including names, dates of birth, addresses, and identification details about beneficiaries.
  • Timely filing of the initial reports and updating the reports in case of changes.
  • When required, involve reputable third-party service providers to assist in the filing process.
  • Ensure compliance with relevant penalties for non –compliance.
  • Deal with practical challenges and legal issues related to BOI reporting.
  • Keep abreast of future developments and advice from relevant bodies.

Filing the BOI Report does not require complicated steps, however, it definitely requires an expert to proceed. We recommend TailorBrands, one of the best LLC formation services that not only offers free LLC formation but also offers BOI Reporting at a very reasonable cost.

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