Filing a BOI is mandatory, and failure to do so by Jan 1, 2025, could mean thousands in penalties. Keep reading for your free guide on how to file your BOI.
What is BOI?
Other tax and accounting professionals are charging hundreds of dollars to file your BOI for you. It's insane. The process of filing a BOI is easy and fast, don't let them get you for hundreds of dollars. BOI stands for Beneficial Ownership Information, identifying information about the people who own or control a company. The Corporate Transparency Act (CTA) requires certain U.S. and foreign entities to report BOI to the Financial Crimes Enforcement Network (FinCEN). The purpose of BOI reporting is to help prevent money laundering.
BOI reports include the following information about each beneficial owner:
Full legal name
Date of birth
Current address
A unique ID number and the issuing jurisdiction (e.g., state driver's license, U.S. passport, etc.)
A photo of the ID document
Businesses, also known as entities, required to report BOI include primarily LLCs, S corporations, and C corporations. The BOI E-Filing System can be used to file BOI Reports electronically.
Penalties
The deadline to file your BOI is January 1st, 2025. Penalties for late Beneficial Ownership Information (BOI) reports can be severe, including:
Civil penalties: Up to $591 per day for each day the report is late
Criminal penalties: Up to two years in prison and a fine of up to $10,000 for willful failure to file, submitting false information, or failing to correct or update previously reported information
Accountability for senior officers: Senior officers of an entity that fails to file a required BOI report may be held personally accountable
You should see a screen like this.
And later receive an email that looks like this:
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