Introduction
Starting January 1, 2024, small businesses across the U.S. will need to comply with the new Beneficial Ownership Information (BOI) reporting requirement. One of the most important aspects of this requirement is knowing how to file the necessary forms. In this post, we’ll walk you through the filing process step by step. You can also take this quick quiz to see if you need to file.
Filing Process Overview
Filing your BOI report is a straightforward process, but it requires attention to detail. All BOI reports must be submitted to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. File BOI connects directly to their database, here’s how you can file your BOI report efficiently.
Step 1: Gather Your Information
Before you start the filing process, make sure you have all the required information on hand. This includes details about your business, its beneficial owners, meaning anyone who owns more than 25% of the company, and any company applicants. Specifically, you’ll need:
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Legal names and addresses of your business and beneficial owners.
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Identification numbers (such as a driver’s license or passport number) for beneficial owners.
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Dates of birth and other relevant personal information for beneficial owners and applicants.
Step 2: Access the FinCEN Secure Filing System
Our secure filing system will be the platform where you submit your BOI report. To access this system:
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Visit the File BOI website.
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Register for an account if you don’t already have one. You will need to provide some basic information to create your account.
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Log in to the secure system using your credentials.
Step 3: Complete the BOI Report
Once logged in, you’ll find the BOI report form. The system will guide you through the process, prompting you to enter all the necessary information. Here’s what you’ll need to do:
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Enter Business Information: Provide the legal name, address, and identification number of your business.
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List Beneficial Owners: Include the full names, addresses, identification numbers, and birthdates of all individuals who own or control 25% or more of the business.
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Company Applicants: If your business was created after January 1, 2024, you’ll need to include details about the individual who filed your business formation documents.
Step 4: Review and Submit
After completing the form, review all the information carefully to ensure there are no errors. This is a crucial step because submitting incorrect information can lead to penalties. Once you’re confident that everything is accurate, submit the form and it will be automatically sent to the US Department of the Treasuries FinCEN system.
Step 5: Confirmation and Record-Keeping
After submission, you will receive confirmation from us that your report has been successfully filed. You will also be able to update your info for a year with your login info, there you will be able to view and download a copy of this confirmation and all related documents for your records. This documentation is important in case of any future audits or inquiries.
What If You Need to Make Changes?
If you realize that you made an error in your submission, or if there are changes to the ownership or control of your business after filing, you’ll need to update your BOI report. Our system allows you to file amendments or corrections as needed for an entire year at no additional cost!
Conclusion
Filing your BOI report is a critical step in complying with the new federal requirements for small businesses. By following these steps and using the secure File BOI filing system, you can ensure that your report is accurate and submitted on time. Remember, staying on top of these requirements not only keeps your business compliant but also helps promote transparency in the broader business community.
