A Comprehensive Guide to Filing a Beneficial Ownership Information Report (BOI)

📝The BOI report is an informational return filed with FinCEN to disclose beneficial ownership information for reporting companies.

⏰The filing deadline for the BOI report depends on when the reporting company was created, with different deadlines for entities formed before 2024 and after 2024.

📄The BOI report requires you to provide company applicant information, including the reporting company's legal name, EIN, and address.

💼Beneficial owner information must be disclosed, including names, dates of birth, residential addresses, and identification documents.

🔒Once the BOI report is submitted, you only need to file an updated report if there are changes in beneficial ownership. It is not an annual filing.

What is a Beneficial Ownership Information (BOI) report?

—The BOI report is an informational return filed with FinCEN to disclose beneficial ownership information for reporting companies. It provides transparency by revealing individuals who exercise substantial control or own at least 25% of the company.

When is the deadline to file the BOI report?

—The deadline depends on when the reporting company was created. For entities formed before 2024, the report is due before January 1, 2025. Entities formed in 2024 have 90 calendar days after receiving notice of creation, and entities formed in 2025 or later have 30 days after receiving notice.

What information is required in the BOI report?

—The BOI report requires company applicant information, including the reporting company's legal name, EIN, and address. It also requires beneficial owner information, such as names, dates of birth, residential addresses, and identification documents.

Do I need to file the BOI report annually?

—No, the BOI report is not an annual filing. Once the report is submitted, you only need to file an updated report if there are changes in beneficial ownership.

What happens if I fail to file the BOI report?

—Failure to file the BOI report or providing false or misleading information can result in penalties, fines, or imprisonment. It is important to comply with the reporting requirements to avoid legal consequences.

00:01Introduction and overview of the BOI report, which discloses beneficial ownership information for reporting companies.

02:26Explanation of the filing deadlines for the BOI report based on the creation date of the reporting company.

06:02Step-by-step tutorial on completing the BOI report, starting with the company applicant information.

09:59Walkthrough of providing beneficial owner information, including names, dates of birth, residential addresses, and identification documents.

11:32Finalizing the BOI report, validating the information, and submitting it through the FinCEN portal.