What Information Must Be Included in a BOI Report?
When filing a BOI report, businesses need to provide the following details:
- Full legal name of the business
- Any nicknames or trade names the business operates under
- Current street address of the business
- Jurisdiction where the business was formed
- Taxpayer identification number
Additionally, the business must provide information for its beneficial owners and company applicants, including:
- Full legal name
- Date of birth
- Current residential address
- An identifying number from one of the following:
- U.S. passport
- Local or state ID
- Driver’s license
- Foreign passport (if applicable)
Beneficial owners and company applicants will also need to include images of their identification documents in the report.
How to File BOI Reports
While companies can file BOI reports through FinCEN’s BSA E-file System, it can be challenging to navigate. BOIReporting simplifies the process by filing the report on your company’s behalf, ensuring accuracy and compliance.
Filing Deadlines
- For companies formed before January 1, 2024: The first BOI report must be filed before January 1, 2025.
- For companies formed on or after January 1, 2024: The BOI report must be filed within 90 days of the business’s formation.
Any changes to beneficial ownership or company information must also be reported within 90 days.
Penalties for Failing to File
Businesses that fail to submit their BOI report face fines of $500 per day, up to $10,000. However, companies that make genuine efforts to comply may avoid penalties. If a report contains errors, businesses have 90 days to submit a corrected BOI report.
Work With BOIReporting to File Your BOI Report
If you need assistance with your BOI filing or have questions about how the Corporate Transparency Act (CTA) affects your business, contact BOIReporting. We’re here to help make the filing process easy and efficient.