What is the FinCEN BOI Report?
Beginning January 1, 2024, the Corporate Transparency Act(CTA) has mandated that all US-based and foreign businesses in the 50 states report Beneficial Ownership Information (BOIR). To comply with these new laws, you must file a BOI Report with the Financial Crimes Enforcement Network (FinCEN).
Who is required to File the
BOI Report?
Both domestic and foreign reporting companies
are
required to
file BOI reports.
Domestic reporting company
All beneficial owners of a US-based LLC that fits the requirements must file their details in a
BOI report for LLC.
Foreign reporting company
Most businesses created in the U.S. before January
1, 2024, required to file
a BOI report.
What information is needed to File the
BOI Report?
The following information is required to e-file your BOI Report to FinCEN.
Reporting Company Details:
When filing with reportctaboi, you only need to
submit
your company name, EIN,
and business
address.
Company Applicant(s) & Beneficial
Owner Details:
Name, Date of Birth, Address, and Identity Proof
are
required to
File BOI Report
Ready to File BOI Report with reportctaboi
Less than 5 minutes
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them anytime.
Initial, Correction & updates
We Support all the BOI Reporting types such as Initial, Correction, update & newly exempt entity.
Free BOI Corrections
We offer BOI Corrections or updates for free within
one
week of filing.
BOI Instant Status Updates
We provide instant BOI Report Status via email so you can track your
status easily.
Visit
https://www.taxbandits.com/fincen-boi/efile-boi-report-online/
to learn more about
the features offered to simplify your BOI
Filing.
How to File Your BOI Report Online?
01
Add Reporting Company Information
02
Add Company Applicant & Beneficial Owner Information
03
Review & Submit
the Report
Frequently Asked Questions on BOI Report
When is the due date for Filing the BOI Report?
The deadline to file the BOI report is based on your company's creation
- Companies established or registered before January 1, 2024, must submit the BOI report by January 1, 2025.
- Companies established or registered on or after
January
1, 2024, must submit the BOI report within 90 calendar days from the
registration date. - Companies established or registered on January 1, 2025, must submit the BOI report within 30 calendar days of that date.
- Companies must file the updated or corrected BOI report within 30 days of any changes or updates to their company information or beneficial owners.
Who is a beneficial owner of a reporting company?
According to FinCEN, a beneficial owner is any individual or entity that either directly or indirectly has:
- Substantial Control over-reporting companies:
- Own or Control 25% of firm ownership interest:
They have the authority to control the reporting company's decisions. They are in higher positions, such as chief executive officer, decision maker, and appointment of removal authority.
Individuals who own or control 25% of the reporting company ownership interest. This includes Stakeholders, Partners, and LLC members.
Who is a company applicant for a reporting company?
The company applicant is an individual or entity responsible for filing the documents to create or register the company with the state jurisdiction, Indian tribes, or the U.S. jurisdiction. The companies are established or registered on or after January 1, 2024, and it is required to report the company applicant to FinCEN.
A company applicant can be an individual or an entity, and the business can have a single applicant or a maximum of two applicants. If multiple individuals or entities are involved in the creation process, the primary entity or individual pioneering the filing or registration becomes the designated company applicant.
What are the penalties for violating BOI reporting requirements?
According to the Corporate Transparency Act, the penalties for violating the BOI reporting requirements may be civil penalties of up to $500 each day and be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include:
- Willfully failed to file a BOI report.
- Willfully filing false BOI.
- Willfully failing to correct or update previously reported beneficial ownership information.