FinCEN BOI Reporting
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- Easily Collect your Beneficial Owner’s Info
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Beneficial Ownership Information (BOI) Reporting Requirements
Starting January 1, 2024, most companies created in or registered to do business in the U.S. are required to report information on their Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA).
There are 23 categories of entities that are exempt from BOI filing.
1) Securities reporting issuer
2) Governmental authority
3) Bank
4) Credit union
5) Depository institution holding company
6) Money services business
7) Broker or dealer in securities
8) Securities exchange or clearing agency
9) Other Exchange Act registered entity
10) Investment company or investment adviser
11) Venture capital fund adviser
12) Insurance company
13) State-licensed insurance producer
14) Commodity Exchange Act registered entity
15) Accounting firm
16) Public utility
17) Financial market utility
18) Pooled investment vehicle
19) Tax-exempt entity
20) Entity assisting a tax-exempt entity
21) Large operating company
22) Subsidiary of certain exempt entities
23) Inactive entity
Wondering if you're eligible to file BOI Reports
Ready to File Your BOI Reports?
Step by Step Guide
How to eFile BOI Reports?
Go to Tax1099’s dashboard, select BOI Reporting, and click on file BOI.
Enter Your Reporting Company Information. Here, you also have an option to request and receive your FinCEN Id for Free.
Choose "Initial Report" for first-time reporting or"Correct/Update Prior Report" for revisions.
Enter the required information from beneficial owners and company applicants (if applicable).
Verify all the details mentioned in the BOI form.
Complete all the fields, including first name, last name, email Id and check the ‘I Agree’ box to submit.
| EIN | Fee per EIN | Lifetime Subscription Fee per EIN |
|---|---|---|
|
up to 100 |
$45.00 |
$175.00 |
|
100-250 |
$40.00 |
$150.00 |
|
250+ |
$35.00 |
$120.00 |
Deadline to report BOI:
- If your company was created or registered before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
- If your company is created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving notice of its effective creation or registration.
This 90 calendar days period starts from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier. - If your company is created or registered on or after January 1, 2025, you must file your initial BOI report within 30 calendar days after receiving notice of its effective creation or registration.
A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests.
A “company applicant” is the person who files paperwork to create a corporation, LLC, or similar entity with a state. If more than one person is involved, the company applicant is the one primarily responsible for creation or filing of first registration document
You need to report the following details:
–Identify beneficial owners.
-Provide company details and personal information of beneficial owners.
-For companies registered after January 1, 2024, include personal information of company applicants.
Failure to comply may result in civil penalties of up to $500 per day, and criminal penalties, including up to 2 years in prison and fines of up to $10,000.
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