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Your BOI Report Due Date

Your BOI Report Due Date

Your BOI Report Due Date

FinCEN will commence accepting Beneficial Ownership Information (BOI) reports from January 1, 2024, onwards. It is imperative that all businesses mandated to submit BOI reports fulfill this obligation by January 1, 2025. Businesses established post January 1, 2024, are granted a 30-day window from their date of inception to submit their BOI reports.

Incorporating Crucial Details in a BOI Report

According to the Corporate Transparency Act (CTA), the responsibility for preparing a BOI report lies with the business’s beneficial owner and company applicant, who may either undertake the submission personally or delegate the sharing of their information to a designated representative.

A beneficial owner is an individual who, either directly or indirectly, possesses or controls a minimum of 25 percent of the ownership interests or exercisessubstantial control over the reporting company. Meanwhile, a company applicant refers to anyone, such as an attorney, accountant, or paralegal, who registers the business with a secretary of state.

Both the beneficial owner and company applicant are obligated to disclose the following details to FinCEN and relevant entities:

  • Full legal names and residential addresses of both parties.
  • Dates of birth for both parties.
  • Identifying numbers from passports, state IDs, driver’s licenses, or a foreign passport.

Whether a business opts for independent filing of a BOI report or seeks assistance from BOI FI, the report should comprehensively include the following information:

  • Business’s legal name.
  • Any alternate nicknames or trade names employed by the business.
  • Legal address of the business.
  • Jurisdiction in which the beneficial owner and company applicant established the business.
  • Taxpayer identification number of the business.

In cases where essential details are omitted or modifications occur between January 1, 2024, and January 1, 2025, businesses can rectify the situation by submitting a new BOI report to FinCEN.

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