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 No | Exemption Short Title |
|---|---|
| 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 |
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.
Click Here to learn more about boi penalties
Our Exclusive Features
- Easy and secure
- Correct your BOI Report for FREE
- Schedule your BOIR Filing
- AI-Powered Data Extract
- FINCEN Compliance Reminder
- Invite Beneficial Owners
- BOIR Protect
Click here to check more about the BOI e-filing features in detail.
How to File BOI Report with our BOI Reporting Software?
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
- Enter the BOI Report Details
- Enter the company applicant and the beneficial owner. Details
- Review and file your BOI Report electronically to FinCEN
