What is the BOI Report?
According to the Corporate Transparency Act of 2021, FinCEN requires all small companies to file their Beneficial Ownership Information Report, starting from January 1, 2024. This is a comprehensive report that consists of information about the business’s ownership structure and substantial control. This law was passed to safeguard your reporting company from illegal activities like money laundering, financial or terrorism, and serious tax fraud. FinCEN’s ultimate goal is to manage your company’s structure from illegal deductions.
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What information is required for Filing
the BOI Report?
Type of BOI filing - initial, updates, or correction
Reporting company details like name, type of company, address, tax ID
Beneficial Owner details like name, date of birth, and residential address.
Company applicant details like name, date of birth, address, identification document
How to File Your BOI Report Online?
Step 1
Add Reporting Company Information
Step 2
Add Company Applicant & Beneficial Owner Information
Step 3
Review and Submit the
BOI Report
Frequently Asked Questions on BOI Report
Who is required to File the BOI Report to FinCEN?
The reporting companies are required to file the BOI report. Businesses that meet the following conditions are classified as reporting companies:
- Domestic Companies: Any companies
that are
formed or registered under U.S. tax laws. This includes Limited Liability
Companies(LLC), Corporations, and
other partnerships. - Foreign Companies: Any companies that are established outside the U.S. but carry out their business or trade within the U.S.
When is the deadline to File the BOI Report?
- Companies formed before January 1, 2024,
submit the BOI report by
January 1, 2025. - Companies formed on or after January 1, 2024, submit the BOI report within 90 calendar days from the effective date of its registration.
- Companies formed on January 1, 2025, submit
the BOI report within 30 calendar days from the effective date
of registration. - Companies must file the updated or corrected BOI report within 30 calendar days from the occurrence of any updates or changes of company information or beneficial owners.
Who is a beneficial owner(s) of a Reporting company?
As per FinCEN, a beneficial owner is termed as any individual who exercises substantial control over a reporting company or holds at least 25% of ownership interest in a reporting company either directly or indirectly.
Who is termed as a company applicant for a reporting company?
The company applicant is any individual or entity responsible for filing the papers to register the company with the state jurisdiction, Indian tribes, or the U.S. jurisdiction. The company formed or registered on or after January 1, 2024, must submit its company applicant details to FinCEN.
What are the penalties for not reporting the BOI reports?
Failing to file the BOI report to FinCEN results in penalties. It may include various violations such as
- Willful failure to submit a report
- Providing false information
- Unauthorized disclosure of information
The penalties range from civil fines
of up to $500/per day of non-compliance and criminal fines of up to $10000 or up to
imprisonment for
two years.
Who does not qualify as a beneficial owner?
The following individuals are qualified as exempt from a beneficial owner:
- Minor Child
- Nominee, intermediary, or custodian
- Employee
- Inheritor
- Creditor
Which entities are exempt from the BOI report?
FinCEN classifies 23 types of companies that are exempt from the BOI reports.
These are:
- Security 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
- An investment company or investment adviser
- 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
Ready to E-File BOI Report?
Helpful Resources
BOI Reporting Requirements
Get to know the
Requirements for filing the Beneficial Ownership Information report
to FinCEN
BOI Filing Instructions
Learn more about the necessary steps and instructions for filing the
BOI report
to FinCEN
BOI Exemption
Find out about the categories of businesses that are not required to
submit the BOI report
to FinCEN
BOI Report for LLC
Get to know about BOI reporting requirements for Limited Liability Companies(LLC)