What is Beneficial Ownership Information (BOI)?
BOI reports must be filed with the Financial Crimes Enforcement Network (FinCEN)
When to File
- Companies created before January 1, 2024: File by January 1, 2025.
- Companies created in 2024: File within 90 days of creation.
- Companies created in 2025 and beyond: File within 30 days of creation.
- Updated Reports: File within 30 days of changes to reported information.
How to File
BOI reports are submitted electronically through the BOI E-Filing System. Each report includes details about the company’s beneficial owners, such as:
- Name
- Date of Birth
- Address
- A unique identifying number and issuing jurisdiction from an acceptable identification document, including:
- U.S. driver’s license
- Passport
- State-issued ID
- An image of the identification document
Penalties for Non-Compliance
Failure to comply with BOI reporting requirements can result in serious consequences:
- Civil Penalties: Up to $500 per day for late or missing reports.
- Criminal Penalties: Fines up to $10,000 and imprisonment for up to two years.
For more information, refer to the Small Entity Compliance Guide.
Why Choose Liberty Tax Blocks?
With over 20 years of experience and a team of dedicated professionals, Liberty Tax ensures your BOI reports are filed accurately and on time. Don’t risk penalties, let our experts guide you through the process seamlessly.
