What is the BOI Report?
Starting from January 1, 2024, FinCEN mandates that certain small businesses should submit their BOI Report. This report provides information about the ownership structure of a business and highlights substantial control. This report encompasses some important information like the name and personal information of the beneficial owner, information about the reporting company, and company applicant details.
Deadline to File BOI Report
- The companies that are created or registered before January 1, 2024, should submit the BOI report by January 1, 2025
- The Companies that are created or registered on or after January 1, 2024, should submit the BOI report within 90 calendar days from the effective date of its registration.
- The Companies that are created or registered on January 1, 2025, should submit the BOI report within 30 calendar days from the effective date of registration
- The Companies must file the updated or corrected BOI report within 30 calendar days from the occurrence of any updates or changes of company information or beneficial owners.
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/boi-filing-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?
Failure to report Beneficial Ownership Information (BOI) to FinCEN by the specified deadline can lead to significant penalties. The consequences for non-compliance include:
Civil Penalties: A fine of up to $500 per day for each day the violation continues.
Criminal Penalties: This can include imprisonment for up to two years and/or a fine of up to $10,000.
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 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
- Enter the BOI Report Details
- Enter the company applicant and the beneficial owner. Details
- Review and Submit your BOI Report to FinCEN