Business Compliance, Business Law

June 26, 2024

Does My S Corp Need to File a BOI Report? What Business Owners Should Know

Does my S Corp need to file a BOI report? Learn about new FinCEN reporting requirements, deadlines, and essential information for S corporation compliance.

Does my S Corp need to file a BOI report?

3 Key Takeaways:

  1. Most S corporations are required to file a Beneficial Ownership Information (BOI) report with FinCEN, starting January 1, 2024.
  2. S corporations created before 2024 have until January 1, 2025, to file their initial BOI report, while those created in 2024 have 90 days from registration.
  3. BOI reports must include company information and details about beneficial owners, with ongoing requirements to update any changes within 30 days.

The Corporate Transparency Act has introduced new reporting requirements for many businesses in the United States. As an S corporation owner, you may be wondering: does my S Corp need to file a BOI Report? The short answer is: most likely, yes.

Does My S Corp Need to File a BOI Report? Understanding the Requirements

S corporations must file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). This new reporting obligation began on January 1, 2024, as part of the Corporate Transparency Act’s implementation.

The BOI reporting requirement applies to most corporations, limited liability companies (LLCs), and other entities created by filing documents with a secretary of state or similar office. S corporations, being a type of corporation, fall under this category.

However, there are some exemptions to the BOI reporting requirement. You may not need to file if your S corporation falls into one of the 23 specific exemptions outlined by FinCEN. These exemptions generally cover entities already heavily regulated by federal or state authorities, such as banks, credit unions, public utilities, and insurance companies.

For S corporations that are required to report, here’s what you need to know:

  1. Reporting Deadlines:
    • If your S corporation was created before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
    • S corporations created in 2024 have 90 calendar days to file after receiving notice that their creation or registration is effective.
    • Starting January 1, 2025, newly created S corporations will have 30 calendar days to file.
  2. Information to Report:
    • Company information: Legal name, trade names (if any), current street address of the principal place of business, jurisdiction of formation, and taxpayer ID number.
    • Beneficial owner information: Name, date of birth, residential address, and identification number from an acceptable ID document for each beneficial owner.
  3. Ongoing Requirements:
    • There is no annual reporting requirement, but S corporations must file updated reports within 30 days of any changes to previously reported information.

It’s important to note that the BOI report is separate from other tax filings or forms you may submit to state offices or the IRS. Filing these other forms does not satisfy the BOI reporting obligation.

To file a BOI report, S corporations can use our FinCEN BOI E-Filing system. Our company has established a secure, direct connection with FinCEN’s system, allowing us to transmit BOI reports efficiently and securely for our clients. This direct integration ensures timely and accurate submission of BOI reports, helping S corporations meet their reporting obligations under the Corporate Transparency Act.

As an S corporation owner, it’s crucial to stay informed about these new reporting requirements and ensure timely compliance. If you’re unsure about your specific situation, consider consulting with a legal or tax professional familiar with the Corporate Transparency Act and BOI reporting requirements.

Remember, failure to comply with BOI reporting can result in civil and criminal penalties, so it’s essential to take this new obligation seriously and file accurately and on time

S Corp BOI Reporting Made Easy

Don’t wait until the last minute to meet your BOI reporting requirements. Ensure compliance and avoid potential penalties by filing your BOI report with our company today. Our secure, direct connection with FinCEN guarantees efficient and accurate submissions, giving you peace of mind. Get started, and fulfill your reporting obligations by completing our easy BOI form today.

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