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 What is a Beneficial Ownership Information Report?

What is a Beneficial Ownership Information Report?

Beneficial Ownership Information Reporting, mandated by the Corporate Transparency Act effective January 1, 2024, requires companies to disclose their beneficial owners—those who own or control the company—to the Financial Crimes Enforcement Network (FinCEN). This regulation aims to boost transparency and fight financial crime.

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Complete BOI Reporting Solution

Complete BOI Reporting Solution

We support all types of BOI reports, including Initial, Correction, Update, and Newly Exempt Entity filings.

Efficient Bulk Upload

Efficient Bulk Upload

Streamline the process of filing reports for multiple entities with our bulk upload feature, making it easy to manage large volumes.

Secure Beneficial Owner Invitations

Secure Beneficial Owner Invitations

Invite beneficial owners to submit their information securely through a protected link.

Unbeatable Pricing

Unbeatable Pricing

Take advantage of our competitive rates with no hidden costs, offering the best value for your BOI filing needs.

Simple E-Filing

Simple E-Filing

Our user-friendly e-filing system makes FinCEN BOI reporting quick and hassle-free.

Step-by-Step Guidance

Step-by-Step Guidance

Our guided filing feature provides clear instructions and tips throughout the process, ensuring your BOI report is accurate and complete.

File BOI report

Filing your BOI report with FinCEN is easier and more precise with TaxZerone, our sister product. Follow these steps to complete your BOI reporting.

Follow these steps to complete your BOI reporting.
  • Choose Filing Type: Select the correct filing type for your business.

  • Enter Company Details: Provide key information about your company.

  • Submit Applicant Info: Enter details of the person submitting the report.

  • Report Beneficial Owners: Accurately list those who own or control the business.

  • Review & Submit: Finalize and submit your BOI report to meet the federal deadline.

To file your BOI Report with FinCEN, you’ll need the following information

Report Type: Select from Initial, Update, Correction, or Newly Exempt Entity.

Reporting Company Details: Include the company's Name, EIN, Address, and FinCEN identifier.

Company Applicant Information: Provide the Name, Date of Birth, address, and identity proof.

Beneficial Owner Information: Include the Name, Date of Birth, Address, and Identity Proof.

 To file your BOI Report with FinCEN, you’ll need the following information

Beneficial Ownership Information Report
(BOIR) Filing Deadlines

Your FinCEN BOI Report filing deadline varies based on your company's establishment date

Beneficial Ownership Information Report (BOIR) Filing Deadlines

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Frequently Asked Questions

1. Who needs to file a BOIR?

All companies registered or conducting business in the United States are required to file a Beneficial Ownership Information Report (BOIR). This includes both domestic and foreign entities operating within the U.S.

2. What constitutes a beneficial owner?

A beneficial owner is an individual who directly or indirectly owns or controls at least 25% of a company's equity, voting rights, or exercises significant influence over the company’s operations. They benefit from the assets or income generated by the entity, even if not formally listed as the owner.

3. What happens if I miss the BOIR filing deadline?

Missing the BOIR filing deadline can lead to serious consequences, including hefty civil fines and potential criminal charges. The penalties may involve substantial monetary fines, and in severe cases, imprisonment. It’s crucial to file on time to avoid these severe repercussions.

4. Can foreign companies be required to file a BOIR?

Foreign companies with operations or business activities in the U.S. may be required to file a Beneficial Ownership Information Report (BOIR) if they meet specific criteria. Generally, if they are registered to do business in the U.S. and meet the definition of a reporting company, they must comply. However, certain exemptions may apply based on the nature and structure of the business.

5. What is considered an exempt entity?

An exempt entity is typically an organization that is not required to pay certain taxes due to its specific nature or function, such as a non-profit, government agency, or religious institution. These entities must meet specific criteria set by the IRS or other governing bodies to qualify for tax-exempt status. They may still need to file informational returns, but they are generally exempt from income tax.