Background Background

What does a BOI Report Entail?

Businesses filing a BOI report need to include the following information in their initial filing:

  • The full legal name of the business
  • Any nicknames or trade names that the business alternatively operates under
  • The current street address of the business’ location
  • The jurisdiction in which the business was formed
  • Taxpayer identification number

Similarly, a business’s beneficial owners and company applicants must include their full legal names, dates of birth, and current residential address alongside an identifying number, such as a:

  • US passport
  • Local or state ID
  • Driver’s license number
  • A foreign passport, if applicable

Beneficial owners and company applicants will need to include pictures of their chosen document in the report. 

Qualifying companies may file through FinCEN’s BSA E-file System, but it is a complex system to navigate on your own. FileForms makes filing your BOI report easy by filing the report on the your company’s behalf.

When Should Reporting Companies File Their BOI Reports?

Any company formed and operating within the United States before January 1, 2024, must file its first BOI with FinCEN before January 1, 2025. Companies formed on January 1, 2024, or in the days following must file a BOI report within 90 days of that business’s founding.

You must also report any changes or updates to the beneficial owner or company’s information within 90 days.

Penalties for Failing to File

Businesses that fail to submit BOI reports will face fines of $500 per day for every day they fail to file, up to $10,000. That said, businesses will not face penalties if they make efforts on their BOI reports. Instead, businesses that incorrectly represent their data have 90 days to resubmit a corrected BOI report.

Work With FileForms to File Your BOI Report

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