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What does a BOI Report Entail?

What does a BOI Report Entail?

What does a BOI Report Entail?

For enterprises submitting a Beneficial Ownership Information (BOI) report, the initial filing must encompass the following details:

  1. The complete legal name of the business.
  2. Any alternate nicknames or trade names under which the business operates. Doing Business as.
  3. The current physical address of the business’s location.
  4. The jurisdiction in which the business was originally formed.
  5. Taxpayer identification number.

Likewise, beneficial owners and company applicants are obligated to furnish their complete legal names, dates of birth, and current residential addresses. Additionally, they are required to provide an identifying number, such as a:

  • U.S. passport
  • Local or state ID
  • Driver’s license number
  • Foreign passport, if applicable

The BOI report necessitates the inclusion of images of the selected identification document for beneficial owners and company applicants.

Qualifying entities have the option to file through FinCEN’s BSA E-file System; however, due to its intricate nature, navigating the system independently can be challenging. BOI FI simplifies the BOI report filing process by managing the submission on behalf of your company.

When Should A Reporting Company File Their BOI Reports?

As for the timeline, any company established and operational within the United States before January 1, 2024, must submit its initial BOI report to FinCEN by January 1, 2025. Companies formed on January 1, 2024, or thereafter are required to file a BOI report within 30 days of their establishment. 

Furthermore, any alterations or updates to the beneficial owner or company information must be reported within 30 days.

Penalties for Failing to File

Failure to submit BOI reports incurs fines of $500 per day, up to a maximum of $10,000. It is noteworthy that businesses making diligent efforts to rectify inaccuracies in their BOI reports within 30 days will not face penalties, whereas those inaccurately representing their data have the same window to resubmit a corrected BOI report.

Work With BOI FI to File Your BOI Report

If you need help filing a BOI report or have questions about how the CTA may impact your business, please contact BOI FI for assistance. 

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