FinCEN is not accepting BOI reports until January 1, 2024. After that, FinCEN expects all businesses required to file BOI reports to file said reports by January 1, 2025. Any business formed after January 1, 2024, will have 90 days from the date of that business’s creation to file its BOI report.

Integrating All Essential Information Into a BOI Report

The CTA specifies that a business’ beneficial owner and company applicant must assume responsibility for a BOI report or delegate that another party shares their information for them.

A beneficial owner directly or indirectly owns or controls at least 25 percent of the ownership interests or exercises “substantial control” over the reporting company.
A company applicant is anyone who registers the business with a secretary of state such as an attorney, accountant, or paralegal.

FinCEN and related parties expect both the beneficial owner and company applicant to disclose the following information:

• Both parties’ legal names and residential addresses
• Both parties’ dates of birth
• Identifying numbers from passports, state IDs, driver’s licenses, or a foreign passport

Whether a business opts to file a BOI report on its own or turn to FileForms for help, it should include all of the following information in its report:

• A business’s legal name
• Nicknames or trade names that a business uses in operations
• The business’s legal address
• The jurisdiction in which a beneficial owner and company applicant formed the business
• The business’s taxpayer identification number

If your business forgets an essential detail, or if the details required by a BOI report change at some point between January 1, 2024, and January 1, 2025, you can report those changes by filing a new BOI report with FinCEN.