What is the Beneficial Ownership Information Report (BOIR)?
On January 1st, 2024, the Financial Crimes Enforcement Network (FinCEN) released the Corporate Transparency Act (CTA), requiring companies to report beneficial ownership details. All businesses are now required to submit this information in the form of a Beneficial Ownership Information Report (BOIR).
⚠️ Penalties for Late Filing
- Civil Penalties: Up to $592 per day for each day the report is late
- Criminal Penalties: Up to $10,000 in fines and imprisonment for up to two years
- Corporations that do not file initial reports or do not file updated or corrected reports when required
- Individuals who are the cause of a company’s failure to file
- Senior officers at the company during the time when a BOIR should have been filed
- The company applicant, who is the individual who files the BOIR with FinCEN or directs the filing
Beneficial Ownership Information Reporting Requirements
- Required by the Financial Crimes Enforcement Network (FinCEN)
- All Beneficial Owners with 25% or more controlling ownership in a company
- Applies to all U.S. businesses (sole proprietorships without an EIN are exempt)
- Deadline for filing your BOIR submission is December 31st, 2024
Required Information
The following information is required to successfully lodge your BOIR:
- Full legal name of applicant(s) & beneficial owner(s)
- Date of birth of applicant(s) & beneficial owner(s)
- Current business address & residential address of beneficial owner(s)
- Copy of government issued ID (e.g., passport or driver’s license number)
- SSN/EIN/ITIN of beneficial owner(s)
Have you filed your BOIR?
Ensure your business stays compliant with Corporate Transparency Act (2024) FincCEN regulations.
Beneficial Ownership Information Report (BOIR) Resources:
Learn more about the Beneficial Ownership Information Report (BOIR) and how to ensure your business stays compliant with the Corporate Transparency Act and the Financial Crimes Enforcement Network (FinCEN).
The deadline for filing the Beneficial Ownership Information Report (BOIR) is December 31st, 2024. This deadline applies to any businesses that was registered before January 1st, 2024. All business registered after January 1st, 2024 must file their BOIR within 30 days of company registration. Learn More
Under the Corporate Transparency Act (CTA), all reporting companies need to report BOI to FinCEN. Reporting companies are entities created or registered in the U.S. by filing a document with a secretary of state or similar office unless it qualifies for one of 23 exemptions.
The Beneficial Ownership Information (BOI) Report is a new requirement under the federal Corporate Transparency Act (CTA). A BOI Report lists a company’s “beneficial owners”—the individuals who actually own or control the business. Businesses formed on or after Jan. 1, 2024, must also provide information about “company applicants,” the people who filed business entity formation paperwork. Learn More
A person who wilfully fails to comply with BOI reporting may be subject to civil penalties of $592 per day (adjusted for inflation it is now $591 per day) and criminal penalties including a $10,000 fine and/or up to two years of imprisonment. Learn More