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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

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an exemption? Take the Quiz

Step by Step Guide

New Federal Reporting Requirement for BOI

Beneficial Ownership Reporting (BOI) is not an annual requirement.

A reporting company needs to submit BOI once unless they want to update or correct any information.

Who Should File a BOI Report? 

1099 forms

Step by Step Guide

How to eFile BOI Reports?

Go to Tax1099’s dashboard, select BOI Reporting, and click on file BOI.

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Clear You Doubts

Frequently Asked Questions

A BOI (Beneficial Ownership Information) Report is a document that identifies the individuals who directly or indirectly own, control, or benefit from a company. This report helps ensure transparency and compliance with federal regulations, aiming to prevent financial crimes like money laundering and tax evasion.

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

The BOI report must be filed by certain entities known as “reporting companies.” These include:

  • Corporations: Formed under the laws of a U.S. state or Indian tribe.
  • Limited Liability Companies (LLCs): Formed under the laws of a U.S. state or Indian tribe.
  • Other Similar Entities: Such as limited liability partnerships, business trusts, and other entities created by filing a document with a secretary of state or similar office.

Reporting companies may have to obtain information from their beneficial owners and report that information to FinCEN. If you are wondering whether you are eligible to file BOI reports, try this quiz to know.

Members, or owners, of a limited liability company (LLC) are likely the beneficial owners under the new BOI rule. This makes LLCs as reporting companies that need to file a new report with the federal agency and provide basic contact information about the company and its owners. This requirement applies to single-member and multi-member LLCs, all of which are considered reporting companies, and therefore also would need to identify beneficial ownership information in the BOIR.

All businesses that fall under the definition of a reporting company must file a beneficial ownership information report (BOIR) with the Financial Crimes Enforcement Network (FinCEN). Tax1099 helps you file BOI Reports

There are 23 types of entities that are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.

BOI reporting requirements are on hold for members of the National Small Business Association and an Alabama businessman, who won a summary judgment in March in their lawsuit over the CTA.