How to File BOI Report With FinCEN? Step-By-Step GUIDE
You're probably here because you need to file your BOI report. As a CPA, I understand the frustration and complexity of tax filings, but I'm here to simplify the process for you. So I've prepared and recorded a quick step-by-step video tutorial for you on how to file your BOI Report Online with FinCEN. In this case, I've prepared it for a company of mine, hopefully in under five minutes. I've shared my screen so that you can follow along step by step.
By the way, for those who don't know what BOI is, it stands for Beneficial Ownership Information.
What is Beneficial Ownership Information (BOI) Report?
It's a newly required report that you need to file with FinCEN. Failure to file this form can subject you
to some crazy penalties like $500 per day. It applies to LLCs, corporations, and some partnerships. If you registered your business with your state, you likely have a filing requirement.
NOTE: This does not apply to Sole Proprietorships.
Before you watch the video, just to be clear, the example shown is for a simple LLC formed before 2024 and registered in the United States. The process will be slightly different in any special circumstances like foreign owners or companies formed in 2024 or after.
What Information You Need in Filing Your BOI Report?
Here's the information you need to have before you go on the FinCEN website to file your BOI report.
- Your Company's Legal Name and any DBAs
- Your Employer Identification Number or EIN
- Your Country of Incorporation
- Your State of LLC Formation
- Your Company or LLC Address
- Members or Owners' Legal Names
- Members or Owners' Dates of Birth
- Members' or Owners' Addresses
- Your Government-Issued Photo ID
- Your BOI Report Submitter Details
So to File a report using the Boi e-Filing System, you're going to navigate to the website fincen.gov/boi. Then click on, "File a report using the Boi e-Filing System" as shown in the screenshot below.
Then it will take you here, Welcome to the BOI e-filing System. You're going to click on, "File BOIR".
You have an option to file via a PDF that you print out, fill out, and upload, or you could file it online, and that's what we're going to do here today. So click on "Prepare & Submit BOIR" under the File Online BOIR option as shown in the following screenshot.
After clicking this option, a Warning Window will come out. You just have to Agree to the Warning to continue.
It will then take you to the Beneficial Ownership Information Report Page where you need to fill out correctly and accurately all the required information. After filling out all the information, Click on, "Submit BOIR".
For an easy step-by-step process, I suggest you watch the tutorial video above.
IMPORTANT NOTE: Before closing the Submission Status Confirmation Page, we strongly advise to download the transcript.
And that's about it. Thanks for watching and reading. See you in the next blog post!