BOI Report

January 3, 2024

Essential Guide to BOI Reporting for Business Owners

Essential Guide to Beneficial Ownership Information (BOI) Reporting for Business Owners

The Guide to the Guide

  1. Understanding BOI Reports: Learn if Your Business Must File
  2. Why BOI Reports Matter: Enhancing U.S. Security and Financial Integrity
  3. Who Must File a BOI Report: Identifying Eligible Businesses
  4. Exemptions to BOI Filing: Understanding Who’s Not Required to File
  5. Filing Timeline for BOI Reports: Key Dates and Deadlines
  6. Detailed Requirements for BOI Filing: What Information You Need
  7. Consequences of Not Filing BOI Reports: Understanding Penalties
  8. Assistance with BOI Filing: How FinCEN BOI Filing Can Help You

What Is a BOI Report and Do You Need to File One?

Starting today, January 1st, FinCEN, under the U.S. Department of Treasury, has activated a new mandate requiring most registered business entities, including LLCs and Corporations, to file a Beneficial Ownership Information (BOI) report. This significant measure aims to cast a revealing light on the actual individuals who own and benefit from these entities, serving as a strategic move to potentially deter illegal gains through concealed ownership structures.

The Purpose Behind the Requirement

The transparency afforded by BOI reporting is a crucial tool for the U.S. government to fortify national security and safeguard financial systems against the threats of illicit activities, including money laundering and fraud.

FinCEN BOI Filings’ service facilitates the process in only five minutes.

Who Needs to File?

A “reporting company,” as defined by FinCEN, includes both domestic entities created by a state or tribal registration and foreign entities registered to do business in the U.S. This encompasses LLCs, C Corporations, S Corporations, and various partnerships and trusts formed through state filing.

FinCEN’s Small Entity Compliance Guide offers a detailed chart to help you determine if you must report beneficial ownership information.

Exemptions from Filing

Not all entities need to file. 23 specific categories of entities do not need to file as they are already subject to other stringent reporting measures.

Not sure if you need to file? Take our quick and Free BOI Quiz to find out.

When to File?

FinCEN will start accepting BOI reports from January 1, 2024. Companies in existence before January 1, 2024, have until January 1, 2025, to file, while new entities have a 90-day post-registration window. To ensure you are required to file a BOI report for your business, take the free BOI Eligibility Quiz.

Filing the BOI Report

The BOI report requires detailed information about both the reporting company and the individuals behind it. It’s more than just a formality; it includes legal names, birth dates, addresses, and identification numbers.

Not sure if you need to file? Take our quick and Free BOI Quiz to find out.

Penalties for Non-Compliance

Failing to file on time could result in civil penalties, and willfully providing false information may lead to criminal charges.

How FinCEN BOI Filing Can Help

Navigating this new requirement can be challenging. That’s where we come in. FinCEN BOI Filing offers expert assistance to ensure your BOI report is filed accurately and promptly. Don’t hesitate to File Your BOI Report Now with our help.

With FinCEN BOI Filing by your side, you can confidently meet your compliance requirements and return your focus to what you do best—running your business. Visit our homepage for more information and resources to guide you through the BOI filing process.

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  • 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 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