Confused and overwhelmed by the BOI Report? You aren’t alone. The Beneficial Ownership Information Report (BOI Report) is a newly required filing from the Financial Crimes Enforcement Network (FinCEN). In an effort to combat the use of shell and front companies for illicit financial activity, virtually all businesses in the United States now have to provide FinCEN with information about their owners. You can find more detail on FinCEN’s fact sheet.
But now that you know what it is, how do you actually file it? What information do you need to prepare, have on hand, and provide? You don’t want to try it, hit a wall, go dig up some specific detail, have to try it again, and not mess it up, all while keeping business running day to day.
That’s why we made this BOI Report walkthrough video. It’s a step by step tutorial of the entire report, including explanations about the different terms, and guidance what info to put where.
Don’t delay any longer. The BOIR is a little tedious, but very doable in just 30 or 45 minutes. We’ll be right there every step of the way.
Click here to begin filing your BOIR.
Hopefully that helped with how to file your BOI Report! It’s exactly the kind of filing that swiftly falls to the bottom of the to-do list and never leaves. However, FinCEN requires new businesses formed in 2024 to file their BOIR within 90 days, those formed after January 1, 2025 to file it within 30 days of their formation. That’s not a lot of time to comply, so you can’t let it languish for too long. And if your business was formed prior to 2024, you need to file that report by December 31 st of this year!
What else do you need to do for a new business? Why is it worth the trouble to form one? Find out more at the links below.
