How to obtain a FinCEN Identifier?

According to the Corporate Transparency Act (CTA), certain businesses or entities in the U.S. must file Beneficial Ownership Information (BOI) with FinCEN (Financial Crimes Enforcement Network) within a specified time every tax year. FinCEN maintains a record of reporting company details, including beneficial owners and company applicants.

While a FinCEN Identifier (ID) is not strictly required for BOI reporting, it can greatly simplify the process. Using a FinCEN ID can reduce the amount of sensitive personal information you need to submit.

In this blog, we’ve explained how to acquire a FinCEN ID for free and the benefits of using one for individuals and reporting companies.

What is a FinCEN Identifier?

A FinCEN Identifier is a unique 12-digit number issued by FinCEN to a reporting entity or individual. Instead of repeatedly submitting personal information for BOI reporting, individuals or companies can provide their FinCEN ID. Obtaining a FinCEN ID is optional but highly beneficial for streamlining the reporting process and maintaining privacy.

Why Use a FinCEN Identifier?

• Protects personal information by allowing you to provide a FinCEN ID instead of full personal details during each filing.
• Simplifies and accelerates the reporting process by eliminating redundant information entry.
• Helps identify beneficial owners with interests in multiple companies efficiently, reducing administrative complexity.

Things to Consider When Obtaining a FinCEN ID

If a FinCEN ID application contains inaccurate information, the individual must correct it within 30 days of becoming aware of the issue. The same 30-day rule applies to updates in personal information.

This requirement applies to all FinCEN ID holders—even those who are no longer beneficial owners or company applicants. Although FinCEN plans to offer a deactivation option for FinCEN IDs, this feature is not yet available.

What Information is Required to Apply for a FinCEN ID?

To request a FinCEN Identifier, beneficial owners or company applicants must submit the following personal details:

• Full name of the beneficial owner or company applicant
• Date of birth (DOB)
• Residential or business address
• A unique identifying number and image from an acceptable document such as:
  • Driver’s license
  • State ID
  • U.S. passport
  • Foreign passport issued by an authorized jurisdiction

How to Obtain a FinCEN ID with Tax1099

Follow these steps to apply for and use a FinCEN Identifier through Tax1099:

• Login or create an account at Tax1099 and select “BOI Report” from the dashboard.
• Start entering the reporting company’s information.
• You’ll be prompted to input your FinCEN ID if you already have one.
• If not, you can apply for one by submitting your personal details and ID documentation.
• Once submitted, FinCEN will immediately issue your FinCEN Identifier.

It’s that simple! You can then continue filing your BOI report and stay compliant.

Note: Each FinCEN Identifier is unique and only one can be issued per individual or company.

To learn more about how Tax1099 can assist you with CTA compliance, visit our Tax1099 Support page.