File your BOI
File your BOI
URGENT: File your BOI report now before the federal deadline to avoid the $500/day penalty!
What is a BOI Report?
Oct 13, 2024
BOI Reports Education
What does BOI mean?
BOI stands for Beneficial Ownership Information. It is a report for the government that outlines the ownership of a business.
What is a beneficial owner?
A beneficial owner is an individual who has significant control over a business. This includes owning or controlling 25% or more of the business. People who are considered beneficial owners include: CEOs, Presidents, Founders, Directors, and other high-level executives.
What is the purpose of the BOI report?
The purpose of the BOI report is to provide the government with information about the ownership of a business. This information is used to combat financial crimes, such as money laundering and terrorist financing.
Is there a deadline for filing the BOI report?
For businesses formed before 2024, the initial deadline is 12/31/2024. For businesses formed during 2024, the deadline is 90 days after the business is formed. For businesses formed after 2024, the deadline is 30 days after the business is formed.
What are the penalties for not filing the BOI report?
The penalties for not filing the BOI report can be severe. The penalties include fines, imprisonment, and even revocation of business licenses.
Okay cool, so I just need to file the one report and then I'm done?
Not exactly. You will need to file a report every time there is a change in beneficial ownership. This includes changes in the percentage of ownership, changes in the identity of beneficial owners, and changes in the address of the business.
What information do I need to file a BOI report?
You will need to provide the following information:
  • The name of the business
  • The U.S. address of the business
  • The Tax ID (EIN, SSN/ITIN, or Foreign ID) of the business
  • Any trade names or "DBA" names for the business
  • For each beneficial owner you'll also need:
    • Their name
    • Their address
    • Their percentage of ownership
    • A copy of their U.S. Passport, Driver's License, State ID or Foreign Passport
How can I file my BOI report?
Keeping track of all this information, making sure every update is sent to FinCEN before the deadline and avoiding fines can seem stressful. FileYourBOI.com was built from the ground up to save you time and money so you can focus on running your business. We'll alert you to any expired documentation, notify you of looming deadlines, and even automatically file your report for you.
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