What is the BOI Report?

The identifying information (such as name) of the people who own or manage a firm is included in the beneficial ownership information. BOI reporting requires owners of specific firms to submit this data to the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) agency.

Deadline to File BOI Report

  • The rule went into effect on January 1, 2024, and following modifications disclosed by FinCEN, it now allows newly established entities to file their BOI report 90 days from the date they receive notice that their firm has been created or registered.
  • All businesses that must file reports will have 30 days from the date of creation or registration as of January 1, 2025. If a business meets the requirements to report BOI and was founded before January 1, 2024, it must file by that date.
  • Click here to know more about BOI reporting due date.

What Information is Required to Submit the BOI Report?

The following informations are required for BOI Filing:

  • Report type Details: Initial, Update, Correct, or Newly Exempt Entity.
  • Reporting Company Details: Name, EIN, Address, FinCEN identifier, etc.
  • Company Applicant Details: Name, Date of Birth, address, and identity proof.
  • Beneficial Owner Informations: Name, Date of Birth, Address, and Identity Proof.

Visit https://www.taxbandits.com/fincen-boi/boi-instructions/ to know about BOI instructions.

Beneficial Ownership Information Reporting Exemptions

According to FinCEN, the 23 exemptions for businesses that do not have to file BOI reports include:

Exemption NoExemption Short Title
1Securities reporting issuer
2Governmental authority
3Bank
4Credit union
5Depository institution holding company
6Money services business
7Broker or dealer in securities
8Securities exchange or clearing agency
9Other Exchange Act registered entity
10Investment company or investment adviser
11Venture capital fund adviser
12Insurance company
13State-licensed insurance producer
14Commodity Exchange Act registered entity
15Accounting firm
16Public utility
17Financial market utility
18Pooled investment vehicle
19Tax-exempt entity
20Entity assisting a tax-exempt entity
21Large operating company
22Subsidiary of certain exempt entities
23Inactive entity

Click Here to know more in detail about BOI Exemption

What are the Penalties for not reporting BOI?

Penalties are severe. Intentional infractions may be punished criminally or civilly. FinCEN released inflation adjustments for civil monetary penalties in January 2024; as a result, the potential fine increased from $500 to $591 per day (starting January 25, 2024). The $10,000 restriction is still in place. Penalties for crimes could result in up to two years of imprisonment.

Our Exclusive Features

  • Easy and secure
  • Support Initial, Corrections or updates
  • Access your BOI Report anytime
  • Free Corrections within a week of filing
  • Get Instant Status

Click here to check more about the BOI e-filing features in detail.

How to File BOI Report with ExpressIRSForms?

When filling your BOI report online, the entire process is complete in just a few minutes. BOI filing can be done securely with ExpressIRSForms. We File your BOI Report directly with the FinCEN and notify your status in the dashboard.

Steps to File BOI Report with ExpressIRSForms


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