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

TLDRThis video provides a step-by-step guide on how to file a Beneficial Ownership Information (BOI) Report. It covers the basics of the Corporate Transparency Act, the filing process, and the required information. The BOI Report is a crucial requirement for reporting entities to disclose beneficial owners and company applicants. Watch this video to ensure compliance with the reporting obligations.

Key insights

💡The Corporate Transparency Act (CTA) requires reporting entities to file Beneficial Ownership Information (BOI) Reports.

📝The BOI Report can be submitted either through the FinCEN website by downloading a PDF version or by completing it online within the web browser.

📅The filing deadline for the BOI Report depends on when the entity was set up, with different deadlines for entities established before 2024 and after.

💡The BOI Report requires information on reporting companies, company applicants, and beneficial owners.

🗂The BOI Report is a separate filing from annual or amended reports, but future updates may be necessary if there are changes in beneficial ownership or company structure.

Q&A

How do I file a BOI Report?

—You can file a BOI Report by downloading a PDF version from the FinCEN website or by completing it online within the web browser.

When is the filing deadline for the BOI Report?

—The filing deadline for the BOI Report depends on when the entity was set up. Different deadlines apply to entities established before 2024 and after.

What information is required in the BOI Report?

—The BOI Report requires information on reporting companies, company applicants, and beneficial owners.

Is the BOI Report an annual filing?

—No, the BOI Report is not an annual filing. Once you submit the report, you are done. However, future updates may be necessary if there are changes in beneficial ownership or company structure.

Are there any other filings related to the BOI Report?

—Depending on your specific circumstances, you may need to file other forms, such as B13 exemption forms, Form 5472, FBAR filings, or tax forms for US trade or business.

Timestamped Summary

00:01Introduction to Beneficial Ownership Information (BOI) Reports and the Corporate Transparency Act (CTA)

06:59Different ways to file a BOI Report: downloading a PDF version or completing it online

12:51Understanding the filing deadlines based on the establishment of the entity

16:48Required information in the BOI Report: reporting companies, company applicants, and beneficial owners

21:32Clarification that the BOI Report is not an annual filing, but future updates may be necessary

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