BOI Reporting - An Overview

Under the Corporate Transparency Act (CTA), FinCEN requires most small businesses to report their Beneficial Ownership Information (BOI) starting on January 1, 2024. This law was passed to improve financial transparency and eliminate money laundering and other similar crimes.

Whom Do We Serve?

Businesses

Businesses

Law Firms

Law Firms

Accountants

Accountants

Professional service firms

Professional service firms

TaxBandits Streamlines Your BOI Filing
with Numerous Features!

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Complete Your BOI
Report in 5 Minutes

Our intuitive software enables you to prepare and submit your BOI reports with FinCEN in minutes.

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Supports Filing of Initial
and Updated BOI Reports

With TaxBandits, you can generate and submit Initial as well as updated BOI reports.

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File a Corrected BOI
Report for Free

If you need to make changes to the BOI report you submitted, you can submit a correction for free
within a week.

Advanced Security

Get Instant Status
Updates

Once submitted, our software will provide you with instant updates regarding the status of your BOI report.

PRO Features - Exclusive for Tax Professionals!

Staff Management

  • Invite your team to manage your BOI filings
  • Track your team members’ filing activities
  • You can add unlimited members, providing a unique login for each
  • Delegate filing responsibilities to team members

Client Management

  • Invite your clients to submit necessary data for BOI filing
  • The user-friendly dashboard shows all of your clients' filings at a glance
  • The client portal allows you to maintain seamless communication with your clients
  • Easily track and manage your clients’ BOI filings from one secure location

Affordable & Efficient Filing

  • TaxBandits offers volume-based pricing - The more you file, the more you save
  • Complete BOI filings in bulk for multiple clients
  • Gain insights from the summary report of your BOI filings

BOI Filing Deadlines

For businesses created or registered before
January 1, 2024

The deadline for the initial BOI report filing is
January 1, 2025.

For businesses created or registered on or after
January 1, 2024

The deadline to file the initial BOI report is within 90 days of
their company registration date.

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Note: Late filings can result in fines of $500 per day, up to $10,000

How to File BOI Report Online?

  • 1 Enter the Required Details of the Reporting Company
  • 2Add Beneficial Owners & Company Applicant Information
  • 3Review & Submit BOI Report to FinCEN
How to File BOI Report Online?

Cost to File BOI Report Online with TaxBandits

One Time BOI Reporting

$49

  • Flat Fee Per Single Filing
  • Free Corrections within one week of filing

Annually Per Entity

$79

  • Unlimited Filings per year
  • Unlimited corrections
    per year

Lifetime Per Entity

$199

  • Lifetime Unlimited Corrections
  • Lifetime Unlimited Updates

Annually (Unlimited Entity)

  • Unlimited BOI Filings (Initial, Correction, updates)
  • Unlimited Companies

Data Security is our Highest Priority!

Data Security is our Highest Priority!

As a SOC-2 certified provider, TaxBandits safeguards your sensitive information, including PII data like SSNs, using robust security measures.

Frequently Asked Questions about BOI Filings

Generally, the following companies are required to complete BOI reporting:

  • Domestic Entities - Any domestic business that operates under U.S. tax laws. This includes corporations, LLCs, limited partnerships, and limited liability partnerships (LLPs).
  • Foreign Entities - Any entities that are established outside the United States and conduct business in the U.S.

According to FinCEN, any individual or a group of individuals who has substantial control over the reported company or has at least 25% of the ownership interests of the reported company directly or indirectly. Click here to know more about the beneficial owner(s) of a company.

A company applicant can be an individual who directly files the document that registers the company or the individual who is primarily responsible for the filing (when more than one individual). Click here to know more about the company applicant for a compan

There are 23 types of entities that are exempt from BOI reporting. Here are they,

Exemption No. Exemption Short Title

1

Securities reporting issuer

2

Governmental authority

3

Bank

4

Credit union

5

Depository institution holding company

6

Money services business

7

Broker or dealer in securities

8

Securities exchange or clearing agency

9

Other Exchange Act registered entity

10

Investment company or investment adviser

11

Venture capital fund adviser

12

Insurance company

13

State-licensed insurance producer

14

Commodity Exchange Act registered entity

15

Accounting firm

16

Public utility

17

Financial market utility

18

Pooled investment vehicle

19

Tax-exempt entity

20

Entity assisting a tax-exempt entity

21

Large operating company

22

Subsidiary of certain exempt entities

23

Inactive entity

Primarily, you’ll need the following information to complete your BOI report

  • Reporting company details such as Name, EIN, Address, etc.
  • Type of the report (Initial, Update, Correct or Newly Exempt Entity)
  • Information about the Beneficial Owners (Name, Date of Birth, Address and Identity Proof)
  • Details of the Company Applicant(s) (Name, Date of Birth, Address and Identity Proof)

Visit https://www.taxbandits.com/boi-instructions/ to learn more about BOI filing Instructions.

According to the FinCEN rule specified in the Corporate Transparency Act, anyone who fails to comply with the BOI reporting requirements will be subjected to civil penalties of up to $500/day. Furthermore, there can be criminal penalties of up to two years imprisonment and a fine amount of up to $10,000.

Helpful Resources to File BOI Report Online

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BOI Reporting Requirements

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FinCEN BOI Report Filing Instructions

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BOI Report For LLC

TaxBandits for Every Business

Ready to file your BOI Report?