A Guide To BOI Filing With FinCEN

As part of our commitment to keeping you informed and compliant with corporate regulatory requirements, we are sharing important information regarding the filing of your Beneficial Ownership Information (BOI) report. The BOI report is a critical compliance requirement designed to enhance transparency and prevent illicit activities such as money laundering and tax evasion. These requirements are part of the Corporate Transparency Act (CTA). The CTA requires companies to disclose information about individuals who have significant control or ownership interests in the business.

Below are the steps to file your BOI report:

Steps to File Your BOI Report

1. Gather Required Information: Before starting the filing process, ensure you have the following information ready:
   • Full legal names of all beneficial owners
   • Dates of birth
   • Residential addresses
   • Social Security Numbers (or other government-issued identification numbers)
   • Details of ownership or control (percentage of ownership, voting rights, etc.)
   • Copy of the driver’s license, passport or other government-issued identification for each beneficial owner
2. Access the Filing Portal: The BOI report is filed through the Financial Crimes Enforcement Network (FinCEN). Visit the FinCEN BOI website.
3. Complete the BOI Report: Follow the prompts to enter the required information about each beneficial owner. Ensure that all details are accurate and up to date. The system will guide you through the necessary fields and sections.
4. Review and Submit: Carefully review the information entered to ensure there are no errors or omissions. Once you are confident that all details are correct, submit the report. You may receive a confirmation email or reference number upon successful submission.
5. Maintain and Upload Records: Keep a copy of the submitted BOI report and any confirmation received for your records. Please also upload a copy of the BOI confirmation report to your portal account on our website for our records. It is important to maintain these documents in case of any future inquiries or audits.

Important Note on BOI Reporting

Please note that BOI reporting is not annual; it is done as needed. You are required to update your BOI report every time there is a change in the beneficial owners or the address of the company. Ensuring timely updates will keep your business compliant with the Corporate Transparency Act.

Consequences of Not Filing the BOI Report

Failure to file the BOI report or update it as required can result in significant consequences, including:

• Civil Penalties: Non-compliance may lead to civil penalties of up to $500 per day until the report is filed or corrected.
• Criminal Penalties: Willful failure to file the report or providing false or fraudulent information, can result in criminal fines of up to $10,000 and imprisonment for up to 2 years.

Important Deadlines for your BOI Filing

• Existing Businesses: Businesses that were created or registered before January 1, 2024, must file their initial BOI report by January 1, 2025.
• New Businesses Created in 2024: Businesses created or registered in 2024 must file their initial BOI report within 90 days of their formation or registration.
• New Businesses Created After January 1, 2025: Businesses created or registered on or after January 1, 2025, must file their initial BOI report within 30 days of their formation or registration.

Need Assistance?

If you have any questions or need assistance with  your BOI report, please do not hesitate to contact me. Our fee for filing the BOI report is $150. Additionally, you can do it yourself following our very well laid out instructions in our bilingual English-Spanish manual “How to File your Beneficial Ownership Information report- BOI”. You can get it for only $19.99 here.

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