How do you file the BOI?
Welcome to FinCENBOIFiling.com, your reliable partner for effortless Beneficial Ownership Information (BOI) reporting. Our cutting-edge software simplifies this mandatory process, ensuring your compliance with the latest regulations by FinCEN. Here, we offer a friendly, professional guide to help you understand and navigate the BOI reporting landscape with ease, for a reasonable fee.
Your Guide to BOI Reporting: What You Need to Know
Current Status of BOI Reporting
As of 2024, businesses are required to report BOI to FinCEN. However, you still have time to prepare, and we at FinCEN BOI Filing are here to help you through this process efficiently. To determine if your business needs to file for the BOI, take advantage of our Eligibility Quiz.
To see the most recent updates, visit the news page for BOI.
Key Reporting Deadlines for Your Business
- For Companies Established Before January 1, 2024: You have until January 1, 2025, to file your initial BOI report.
- For Companies Established Between January 1, 2024, and December 31, 2024: A 90-day deadline for filing BOI applies after your registration.
- For Companies Established On or After January 1, 2025: You will have 30 calendar days from the date of registration to file your BOI report.
- Additional deadline information can be found here.
When Will FinCEN Start Accepting Reports?
FinCEN will begin accepting BOI reports starting January 1, 2024. No reports will be accepted before this date.
How FinCEN BOI Filing Makes BOI Reporting Easier
Simplified Electronic Reporting
Your company’s BOI report must be submitted electronically through FinCEN’s upcoming secure filing system. Our software is designed to interface seamlessly with this system, providing a straightforward reporting experience. Here’s a link if you’re ready to file BOI now.
Direct API Integration for BOI Reporting
At FinCENBOIFiling.com, we operate with a direct API credential approved by FinCEN. This integration enables us to securely file BOI reports directly with FinCEN, ensuring a streamlined and efficient submission process for our users. By leveraging this direct connection, we prioritize accuracy and speed, facilitating compliance with BOI obligations seamlessly through our platform.
Expert Support Without Mandatory Professional Fees
While FinCEN believes most companies can file independently, our service is here for those who seek a streamlined, error-free process. Our software simplifies reporting, eliminating the need for costly professional consultations.
Authorized Filers
FinCEN BOI Filing can act as an authorized third-party service provider to file BOI reports on your behalf, ensuring compliance and peace of mind.
Why Choose FinCEN BOI Filing?
- User-friendly questionnaire: Our software is designed for ease of use, making the filing process smooth and straightforward.
- Professional Expertise: Our team stays abreast of all BOI reporting requirements to provide you with up-to-date assistance.
- Cost-Effective: We offer a reasonably priced service, providing value while ensuring compliance.
- Dedicated Support: Our team is here to assist you every step of the way, from understanding deadlines to completing filings.
Partner with FinCEN BOI Filing for Your BOI Reporting Needs
At FinCEN BOI Filing, we are dedicated to simplifying your BOI reporting process. Our tailored software and expert guidance are designed to provide a hassle-free experience, ensuring your business complies with FinCEN’s requirements efficiently and accurately.
Ready to streamline your BOI reporting? Visit our website for more information or to get started: FinCEN BOI Filing.
Frequently Asked Questions
Have questions about the Beneficial Ownership Filing process? Check out FinCEN BOI Filing's frequently asked questions for the answer.
What is a BOI report?
A Beneficial Ownership Information (BOI) report is a filing required by FinCEN to disclose key details about individuals who own or control a company, ensuring compliance with anti-money laundering laws and enhancing corporate transparency. Filing a BOI takes 5-10 minutes and can be done here.
When does the CTA become effective?
The Corporate Transparency Act (CTA) reporting requirements take effect on January 1, 2024. Business entities established before this date have until January 1, 2025, to meet the reporting obligations.
Are there penalties for not filing a BOI report?
Yes, failing to file a BOI report can result in substantial penalties, including hefty fines and potential legal repercussions. Learn more about the BOI deadlines and non-filing BOI penalties.
How do I file a BOI report?
Filing a BOI takes about 5-10 minutes and can be done here. If you’re not sure if you are required to file, you can take the one minute BOI Eligibility Quiz.
Who is considered a beneficial owner?
A beneficial owner is any individual who either:
- Directly or indirectly exercises substantial control over the reporting company, or
- Directly or indirectly owns or controls 25% or more of the company’s ownership interests.
Substantial control includes the power to direct, influence, or determine significant decisions of the company. This may involve senior officers or individuals with authority to appoint or remove senior officers or a majority of the board.
Ownership interests encompass rights that establish ownership in the company, ranging from basic stock shares to more complex financial instruments.
For more details on “substantial control” and “ownership interests,” refer to our guide on complex ownership structures.
How do BOI reports get submitted to FinCEN?
We submit reports through a secure API connection directly with FinCEN’s Beneficial Ownership Secure System (BOSS). This integration allows for seamless and efficient filing of Beneficial Ownership Information reports, reducing the time it takes to complete and submit a report.
Our user-friendly form is designed to minimize errors by guiding you through the process with clear prompts and checks. Additionally, by using the secure API connection, we ensure that your data remains private and protected throughout the submission process, adhering to the highest security standards.
Who can access the beneficial ownership information?
The beneficial ownership information will be accessible only to authorized government agencies, such as law enforcement and regulatory authorities, for the purpose of combating money laundering, fraud, and other financial crimes.
This data is not publicly available and is used solely for compliance with legal and regulatory requirements. Only those with a legitimate need, as defined by the law, will be able to access this information to ensure transparency and uphold national security.
You can read more about keeping your personal information private when filing your BOIR.
Do I need to file a BOIR annually?
No, you do not need to file a Beneficial Ownership Information Report (BOIR) annually. However, you are required to update and file a new report if there are any changes to the beneficial ownership or company applicant information, such as changes in ownership or control. The report must be filed when there are material updates, but there is no annual filing requirement unless changes occur.
What information is required in a BOI report?
Type of Report
The reporting company must specify the type of report being submitted: an initial report, a correction of a prior report, or an update to a prior report.
Company Information
The reporting company must provide the following details:
- Legal Name: The official name of the company.
- Trade Name: Any “doing business as” (DBA) names used by the company.
- Address: The current street address of its principal place of business. If the principal place of business is outside the U.S., the company must report the address from which it conducts business in the U.S.
- Taxpayer Identification Number (TIN): This includes an EIN, SSN, or ITIN, as appropriate.
Beneficial Owner Information
The reporting company must provide the following details for each beneficial owner:
- Legal Name: The individual’s full legal name.
- Date of Birth: The individual’s date of birth.
- Address: The individual’s residential street address.
- Identification Document: A unique identifying number from an acceptable identification document, the issuing state or jurisdiction, and an image of the document.
Company Applicant Information (if required)
For reporting companies created on or after January 1, 2024, the following information about the company applicant must be provided:
- Address: The individual’s residential street address. If the applicant forms or registers companies as part of their business (e.g., paralegals), the business address can be used. The address does not need to be in the U.S.
- Identification Document: A unique identifying number from an acceptable identification document, the issuing state or jurisdiction, and an image of the document.
Who needs to file a BOI report?
Most businesses are required to file a BOI report, with exceptions for 23 specific categories, such as publicly traded companies and other regulated entities. To learn more about these exemptions and determine if your business needs to file, read this article.
When is the BOI report due?
- Companies formed or registered before January 1, 2024, must file an initial BOI report by January 1, 2025.
- Companies formed or registered in 2024 must file a BOI report within 90 days of receiving actual or public notice of their formation or registration.
- Companies formed or registered on or after January 1, 2025, must file their initial BOI report within 30 days of receiving actual or public notice.
You can learn more about the BOI deadlines here.
What is type of ID is required?
Acceptable identification documents include the following:
- A valid, unexpired driver’s license issued by a U.S. state or territory.
- A valid, unexpired ID card issued by a U.S. state, local government, or Indian Tribe for identification purposes.
- A valid, unexpired passport issued by the U.S. government.
- If none of the above is available, a valid, unexpired passport issued by a foreign government may be used instead.
An identification document must be collected for each beneficial owner.
For companies formed after 2023, an ID must also be provided for the company applicant.
Who is a company applicant?
A company applicant is the individual responsible for creating or registering a company. Specifically, it includes:
- The individual who directly files the document to form or register the entity with the relevant state or tribal authority, such as the Secretary of State.
- The individual primarily responsible for directing or controlling the filing process, even if they are not the one submitting it.
For companies formed or registered after January 1, 2024, this information must be reported as part of the Beneficial Ownership Information Report (BOIR).
Is it necessary to use a certified public accountant (CPA) or other professional to submit a BOI report?
Most individuals will be able to submit their Beneficial Ownership Information reports directly without needing assistance from attorneys or CPAs. Our streamlined, user-friendly form guides you through the process, making it simple to provide the required information accurately and efficiently.
Is a company required to update and correct information that is no longer accurate?
Yes, a company is required to update or correct its beneficial ownership information whenever it is no longer accurate. If there are any changes to the company’s beneficial owners or company applicant information, such as a change in ownership percentages or control, the company must file an updated report with the correct details. This ensures that the information on record remains accurate and compliant with the reporting requirements, helping to maintain transparency and reduce the risk of misuse.
Will I receive a confirmation of submission after submitting the BOIR?
After submitting your BOIR through our website, you will receive an email containing a unique submission process ID, confirming that your submission has been successfully received.
The email will also notify you once FinCEN has accepted your report. In rare instances, if your submission is rejected, we will inform you of the reason and provide a link to resubmit the corrected information.
You can track the status of all your submissions through our BOIR tracking page, ensuring you stay updated on the progress of your report. Most submission have a confirmed acceptance within a few minutes of submission.