The Corporate Transparency Act (CTA) has introduced a crucial requirement for many businesses in the United States: filing a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). This initiative aims to increase transparesncy and combat illicit finance by requiring companies to disclose their true owners. Here’s a comprehensive guide on how to file your BOI report effectively.
Understanding the Requirement
Starting January 1, 2024, companies created or registered to do business in the U.S. must report information about individuals who own or control them. For existing companies formed before this date, the deadline to file is January 1, 2025. Newly created companies in 2024 must file within 90 days of their formation.
Steps to File Your BOI Report
1. Determine Eligibility
Before filing, ascertain whether your business is required to submit a BOI report. Generally, corporations and limited liability companies (LLCs) must file unless they qualify for one of the exemptions, such as being a large operating company or a non-profit organization.
2. Gather Required Information
You will need to collect the following information for each beneficial owner:
Full Legal Name
Date of Birth
Residential Address (no P.O. boxes)
Identification Document: This could be a U.S. driver’s license, passport, or a foreign passport. You'll need to provide the document number and upload an image.
Additionally, you will need to provide details about your company, including:
Company Name
Formation Date and Jurisdiction
Taxpayer Identification Number (TIN)
3. Access FinCEN's Reporting System
To file your report, visit FinCEN’s BOI E-Filing website (https://boiefiling.fincen.gov/). If you are searching on Google, make sure you are using the official site to avoid scams. There are many look-alike websites that prey on unsuspecting users.
4. How to File the Beneficial Ownership Information Report (BOIR)
You can file your BOI report in two ways:
Online Submission: Use FinCEN’s online platform to fill out the form directly. This method is straightforward and user-friendly.
PDF Submission: Download the BOI report form as a PDF, fill it out, and upload it through the FinCEN portal. Ensure you have Adobe Acrobat to complete this option.
5. Certification and Submission
After filling out the report, you must certify that the information is true and complete. You will also need to provide your contact information.Finally, submit the report. It’s advisable to save a copy of the confirmation page for your records, as this serves as proof of your submission.
6. Be Aware of Scams
FinCEN has warned about fraudulent attempts to solicit information or payments related to BOI filings. Remember, there is no fee for filing your report, and FinCEN does not send unsolicited requests for payment.
Conclusion
Filing your Beneficial Ownership Information report is a critical step in ensuring compliance with the Corporate Transparency Act. By following these steps, you can help foster transparency and contribute to the fight against financial crimes. Make sure to stay informed about any changes to the reporting requirements and keep your company’s information up to date.
