boir

BENEFICIAL OWNERSHIP INFORMATION REPORT

BOIR E-Filing System

DEADLINE NOTICE: To avoid serious criminal and civil penalties, businesses that form in 2024 must file a Beneficial Ownership Information Report (BOIR) within 90 days of forming. All businesses formed prior to January 1, 2024, must file before January 1, 2025. Exceptions for exempted entities.

  • The federal deadline for entities formed prior to 2024 is in 26 days.

What is the Beneficial Ownership Information Report (BOIR)?

The Beneficial Ownership Information Report (BOIR) is a crucial requirement introduced under the Corporate Transparency Act (CTA) for businesses in the United States. The BOIR ensures transparency in ownership structures and plays a significant role in combating financial crimes, such as money laundering.

Key Features of the BOIR:

  • Mandated by FinCEN: The BOIR is regulated by the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury.
  • Applicable to Most U.S. Businesses: Corporations, LLCs, and other similar entities are required to comply unless exempt.
  • Filing Deadline: Businesses must file their BOIR by January 1, 2025, or within 30 days of formation for newer entities.
  • Penalties for Non-Compliance: Failing to submit the BOIR can lead to civil penalties of up to $500 per day and additional criminal penalties.

What Information Does the BOIR Require?

To comply with BOIR regulations, businesses must report the following details for each beneficial owner:

  • Full legal name
  • Date of birth
  • Current residential or business address
  • Unique identifying number (e.g., passport or driver’s license number)

Why is the BOIR Important?

The BOIR serves multiple purposes that enhance accountability in the corporate ecosystem:

  1. Prevents Financial Crimes: By revealing ownership details, the BOIR makes it harder for bad actors to hide behind anonymous entities.
  2. Supports Law Enforcement: The BOIR aids investigations into money laundering, tax evasion, and other illicit activities.
  3. Improves Transparency: It ensures businesses operate under ethical and accountable standards.

The BOIR filing is a pivotal step toward a more transparent corporate environment. Ensure your business meets the BOIR requirements to avoid penalties and contribute to a secure financial system.

Need to file your BOIR?

We can help you comply with the CTA requirements and file your BOIR accurately and on time.

FAQs About the Beneficial
Ownership Information Report (BOIR)

Who is required to file the BOIR?

Most U.S. businesses, including corporations, LLCs, and partnerships, are required to file the BOIR. However, exemptions apply to certain entities such as:

  • Publicly traded companies.
  • Nonprofits.
  • Businesses with more than 20 employees and $5 million in revenue.

Failure to file the BOIR on time or provide accurate information can result in:

  • Civil penalties of up to $500 per day.
  • Criminal fines of up to $10,000 or imprisonment for up to two years.
Yes, businesses can file the BOIR directly with FinCEN at no cost. However, third-party services like BOIR.org offer assistance in preparing and submitting the report for a fee.

A beneficial owner is an individual who:

  • Owns 25% or more of the company.
  • Exercises significant control or decision-making authority over the entity.

Yes, filing incorrect or incomplete information can result in financial penalties or legal consequences. It is essential to ensure the accuracy of the reported data.

Yes, businesses must update their BOIR within 30 days of any changes, such as a new beneficial owner or a change in ownership percentages.

The information collected through the BOIR is stored in a secure database maintained by FinCEN and is accessible only to authorized agencies and institutions. This ensures the confidentiality of sensitive data.
boir

BOIRHELPER.ORG

Boirhelper.org (Beneficial Ownership Information Report) is not affiliated with the US Government or the Financial Crimes Enforcement Network (FinCEN).

BOIRHELPER.ORG exists to make it easy for businesses to file their Beneficial Ownership Information Report. We are not affiliated with the US Government or the Financial Crimes Enforcement Network (FinCEN). You may file your BOIR directly at no cost with FinCEN at www.fincen.gov.

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