How to File a BOI Report Online?
Per the Corporate Transparency Act (CTA), starting January 1, 2024, most businesses in the U.S. are required by FinCEN to report Beneficial Owners Information (BOI). This legislation aims to enhance financial transparency and combat money laundering and other financial crimes.
Here are the steps to file your BOI report using TaxBandits:
FinCEN BOI Filing Deadlines
The deadline to file a BOI report is based on your company's establishment date.
Company's Establishment Date | BOI Filing Deadlines |
---|---|
Companies created or registered before January 1, 2024 | January 1, 2025 |
Companies created or registered on or after January 1, 2024 | within 90 calendar days |
Companies created or registered on or after January 1, 2025 | within 30 calendar days |
Note: Late filing penalty can be up to $10,000 at $591/day
Exclusive Features Designed for High-Volume BOIR Filing
BanditCollab - Leverage Our Team Management Tool for Efficient BOI Filing
Invite Your Team
-
Invite your team members and let them manage the BOI filings for
your clients.
Assign Predefined Roles
- Assign specific roles (Preparer, Approver, or Transmitter) to each member and ensure a streamlined workflow.
Keep Track of Progress
- Effortlessly track and oversee each team member's filing activities.
![BanditCollab](/Content/NewImages/webp/banditcollabboir.webp)
![BanditConnect](/content/NewImages/webp/banditconnectboir.webp)
BanditConnect - Facilitate Seamless Client Collaboration
Ensure Secure Data Sharing
- Provide a secure portal for your clients where they can add required information on their own, review/approve completed reports, leave comments, and more.
Elevate Your Branding
- From name and logo to theme and URL, customize every aspect of the client portal with your own branding.
Enable Client Communication
- You and your clients can leave messages on BOI reports and communicate effortlessly through the portal.
Our Helpful Tools to Simplify Your BOI Filing
![BOIR Exemption Checker](/Content/NewImages/Icons/BOIR-exemption-checker.png)
BOIR Exemption Checker
Find out whether your company needs to file a BOI report.
Time-Saving Features Designed to Streamline Your FinCEN BOI Filing
![list](/Content/NewImages/Icons/list.png)
Comprehensive BOIR Filing Solution
We support all types of BOI reports - Initial, Correction, Update, or Newly Exempt Entity reports.
![list](/Content/NewImages/Icons/list.png)
Built-In Guidance
Our software incorporates step-by-step instructions through the reporting process.
![list](/Content/NewImages/Icons/list.png)
Flexible Data Import
Simply pull the client data from your Address Book for, eliminating manual entry.
![list](/Content/NewImages/Icons/list.png)
Scheduled
BOI Reporting New
Schedule your BOI reports on your desired date and make changes anytime before transmission.
![list](/Content/NewImages/Icons/list.png)
Invite Beneficial Owners
Invite beneficial owners to provide their information via a secure link.
![Advanced Security](/Content/NewImages/Icons/list.png)
Progress Tracking
TaxBandits tracks your progress and lets you pick up where you left off, enabling you to file at your own pace.
![Advanced Security](/Content/NewImages/Icons/list.png)
Instant Status Updates
Receive instant updates on the FinCEN status of your BOI filings via email.
![Advanced Security](/Content/NewImages/Icons/list.png)
Free Corrections for a Week
File free corrections for a week following the initial submission.
FinCEN BOI Filing Fee
$49 /Report
(Free corrections/updates for a week)
Join Our Summer Blockbuster BOIR Webinar Series!
Our experts are here to help you master BOI filing requirements with helpful tips all summer long!
Featuring:
- Star-Studded Expertise: Learn from Christina and Tiffanie, your TaxBandits experts!
- Behind-the-Scenes Tips: Navigate BOIR compliance like a pro
- Director's Commentary: Exclusive insights and Q&A sessions
Reserve your seat now for the upcoming premiere event of the summer!
![Webinar calender Icon](/Content/Images/icons/date.png)
July 30, 2024
![Webinar Time](/Content/Images/icons/clocksingle.png)
2 PM EST
Integrate TaxBandits BOIR API with Your Software!
TaxBandits API facilitates a seamless automation of BOI filing for you and your clients. If you have your own software or portal,
you can simply integrate our API and take control of your BOI reporting.
Data Security is Our Highest Priority!
![Data Security is our Highest Priority!](/Content/NewImages/webp/boisecurity.webp)
As a SOC-2 certified provider, TaxBandits safeguards your sensitive information, including PII data like SSNs, using robust security measures. Learn more.
Frequently Asked Questions About BOI Filings
Under the Corporate Transparency Act (CTA), FinCEN requires most small businesses to report their Beneficial Ownership Information (BOI) starting January 1, 2024. This law was passed to improve financial transparency and eliminate money laundering and other similar crimes.
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.
No! If the company has completed its formal dissolution before January 1, 2024, it will no longer be subjected to BOI reporting requirements. To be considered formally dissolved, the company must ensure the following.
- Filed dissolution paperwork
- Obtained a written confirmation of dissolution
- Paid any applicable taxes or fees
- Ceased conducting business
- Fully wound up their affairs
The deadline to file a BOI report is based on your company's establishment date.
- Existing reporting companies created or registered before January 1, 2024, must file their BOI reports by January 1, 2025.
- Companies created or registered to do business in the United States on or after January 1, 2024, must file their BOI reports within 90 calendar days.
- Companies created or registered to do business in the United States on or after January 1, 2025, must file their BOI reports within 30 calendar days.
Click here to learn more about BOI filing requirements.
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 company.
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/fincen-boi/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.
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 |
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Helpful Resources to File Beneficial Ownership Information Report Online
![BOI Reporting Requirements](/Content/NewImages/boi-reporting.png)
BOI Reporting Requirements
![FinCEN BOI Report Filing Instructions](/Content/NewImages/boi-report-filing.png)
FinCEN BOI Report Filing Instructions
![BOI Report For LLC](/Content/NewImages/boi-report-lls.png)
BOI Report For LLC
![TaxBandits for Every Business](/Content/NewImages/shape-2.png)