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Important Update: Under the new rule, FinCEN has revised the definition of a "reporting company" to include only foreign entities.
As a result, domestic companies are no longer required to report BOI to FinCEN.Learn More

Get Ready for 2024

Make sure your business is prepared for BOI reporting. Learn how to file and avoid penalties.

Range of Forms

All-in-one Platform: 40+ Forms, eFiling, Delivery, Corrections, and More

Avoid Penalties

Failure to compliance can result in fines and, in some instances, become liable to criminal charges.

Data Accuracy

To be specific, filing your BOI allows your company’s ownership records to remain current and complete at all times. It is important for the shelf cleaning of records to ensure that compliance keeping, and internal audit are well facilitated besides building the esteem of the part of the associates and investors.

Increased Business Transparency

BOI reporting is therefore important in that it helps ensure that your company has not engaged in any wrong doing. It also strengthens the investors’ confidence in your firm, and thus you establish stronger and more credible relations with the customers and business partners which will be an added advantage for your company.

Compliance with Anti-Money Laundering (AML) Laws

BOI reporting ensures that your businesses meet the federal legal requirements for fighting some unlawful activities such as money laundering, tax evasion and terrorism financing. To be able to remain complaint is not only legal shielding your business from the legal implications but also a positive way to contribute towards minimizing the menace affecting the financial sector.

Reduced Regulatory Scrutiny

Filing your BOI reports in the right manner and at the right time means your business will not attract audits or investigations from FinCEN or even the IRS. It reflects that organizations that are compliant are understood to be less risky, hence decreasing regulatory demands.

Requirements, Exemptions, and Instructions

BOI Reporting Requirements

BOI reporting applies to U.S.-based entities such as corporations, LLCs, and similar entities formed under state or tribal laws. If your business is controlled by individuals who own 25% or more, or who exert significant control over the company, you must report their information.

BOI Reporting Exemptions

Certain businesses are exempt from BOI reporting, including:

  • Publicly traded companies
  • Government entities
  • 501(c)(3) non-profit organizations
  • Large operating companies with more than 20 full-time employees, a physical U.S. office, and over $5 million in revenue.

Key Instructions to File BOI

To stay compliant, ensure that your company files the required BOI information, including details about beneficial owners and the company applicant (the person who filed the business formation). The filing deadlines vary based on whether the entity was formed before or after January 1, 2024. Changes in ownership must also be reported within 30 days.

Features of BOI Reporting

Simple Online Filing

Streamline your BOI submission with our easy-to-use online portal.

Data Security

Enjoy industry-leading encryption and security protocols to keep your information safe.

Automated Reminders

Receive reminders for deadlines, updates, or changes in BOI requirements.

Compliance Support

Access resources and support to ensure your BOI report meets all legal standards.

How to File Business Owners Information

Easily file your BOI report with Tax1099 in just a few steps:

  • Log In: Access the Tax1099 dashboard and choose the BOI Reporting option.
  • Enter Company Details: Provide your business information and ownership details.
  • Add Beneficial Owners & Applicant: Enter personal details for each beneficial owner and the company applicant.
  • Review & Submit: Double-check the information, then securely submit your report to FinCEN.
eFile with tax1099

Frequently Asked Questions

Doubts? We have the Answers.

The Corporate Transparency Act (CTA), which mandates the BOI filing, was passed in 2021 to combat money laundering, fraud, and tax evasion. The new requirement mandates that certain business entities in the U.S. disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).

Key Details of the New Requirement:
  • Beneficial Owner: A "beneficial owner" is an individual who, directly or indirectly, owns or controls a significant interest in a company. This includes anyone who owns 25% or more of the entity's equity or has substantial control over the entity.
  • Who Must Be Reported: The following must be reported:
    • The full name, date of birth, address, and unique identifier (such as a passport number or driver’s license number) of each beneficial owner.
    • If applicable, applicant information: The person who filed for the entity’s formation or registration.
  • Exemptions: Certain entities, such as large, regulated entities (e.g., publicly traded companies, large regulated financial institutions) and inactive entities (such as those with minimal operations), are exempt from BOI filing requirements.

A beneficial owner is anyone who directly or indirectly owns 25% or more of a company or exercises significant control over the company.

Currently FinCEN online system has implemented very high security measures such as encryption and other measures to ensure that your information is well protected.

The transfer of ownership must be disclosed in 30 days or else one will be subjected to penalties.

Get Ready for FinCEN BOI Reporting 2024!

Stay compliant, avoid penalties, and ensure your business is transparent. Prepare for the upcoming deadlines now.

File Your BOI Report Today