FinCEN BOI Reporting Timeline

FinCEN will begin accepting BOI reports on January 1, 2024. Businesses required to file must submit their reports by January 1, 2025. Any business formed after January 1, 2024, will have 90 days from its formation date to file its BOI report.

Integrating Essential Information Into a BOI Report

Under the Corporate Transparency Act (CTA), both the beneficial owner and company applicant are responsible for ensuring the BOI report is filed. Alternatively, they may delegate the responsibility to another party.

• A beneficial owner is anyone who owns or controls at least 25% of the business or exercises substantial control over it.
• A company applicant is the person who registers the business with the Secretary of State, such as an attorney, accountant, or paralegal.

Both the beneficial owner and company applicant must provide the following information:

• Full legal name
• Residential address
• Date of birth
• Identifying number from a passport, state ID, driver’s license, or foreign passport

Required Information for a BOI Report

A business’s BOI report must include:

• The legal name of the business
• Any nicknames or trade names the business operates under
• The business’s legal address
• The jurisdiction where the business was formed
• The business’s taxpayer identification number

If any essential details are missing or if changes occur between January 1, 2024, and January 1, 2025, businesses must file an updated BOI report with FinCEN to reflect those changes.

BOIReporting Makes BOI Filing Easy

Whether your business chooses to file the BOI report on its own or seeks assistance from BOIReporting, ensuring all necessary details are included is critical. BOIReporting can help you file your BOI report accurately and efficiently, ensuring compliance with the CTA.