WELCOME TO THE BOI E-FILING REGISTRATION SERVICE

The BOI E-Filing System supports the electronic filing of the Beneficial Ownership Information Report (BOIR) under the Corporate Transparency Act (CTA). The CTA requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury..

What is a BOI Report?

The Beneficial Ownership Information (BOI) report is a new type of report required by the U.S. federal government that discloses the owners of a business. Most businesses are required to file the BOI report with the Financial Crimes Enforcement Network (FinCEN) between January 1, 2024 and January 1, 2025. This report was created to help increase transparency of businesses and help fight illicit activity through the use of business structures. There are civil penalties if the BOI report is filed late and criminal penalties for willfully failing to file. BOI reports must be updated within 30 days if there are any changes, and businesses will be required to file an updated BOI if any information changes such as address, or the addition or reduction of owners. Read below to learn more about this report.

Do I need to file a BOI report for my business?

The general rule is, if you filed documents with the secretary of state — or any similar office under the law of a state or Indian tribe — when establishing your business, you may need to file the BOI report. There are a limited number of entities exempt from filing. Here are some examples where you may not need to file a report:

• Sole proprietors doing business under their own name (no corporation or LLC)

• General partnerships (no filing done with secretary of state)

• Larger businesses and non-profit organizations*

• Highly regulated industries

  • Examples include: publicly traded businesses, governmental authorities created by federal, state, or tribal governments, banks and credit unions, money transmitters, securities brokers and dealers, investment companies and advisors, venture capital fund advisers, insurance companies or producers, commodities brokers and dealers, public accounting firms, public utility companies, pooled investment vehicles, and inactive businesses

*For large businesses, you must meet all of the following criteria: over $5 million in gross revenue reported on the previous year's tax return and without any foreign-source revenue, business employs over 20 full-time employees in the United States, and have a physical office location in the United States. For non-profit organizations, you must meet one or more of the following criteria: an organization that received IRS approval for tax-exempt status under Internal Revenue Code section 501(c), a political organization that is tax-exempt under section 527(a), or an organization that is a trust under section 4947(a).

What if I fail to file my BOI report on time?

Failing to file the required information through FinCEN by the required date of January 1, 2025 could have significant consequences. There are two levels of penalties that you could face, civil and criminal.

Failing to file can result in civil penalties starting at $591 per day after the January 1, 2025 due date.

For someone who willfully fails to file is subject to a maximum civil penalty of $10,000 and could face criminal penalties of up to two years in prison.

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