Do you own an LLC?
You MUST file a BOI Report.
The Corporate Transparency Act requires almost all US businesses to report ownership to FinCEN. This is not part of your regular tax return, and standard tax software does not include it.
Civil penalties accrue daily. Criminal penalties up to 2 years in prison.
Who Must File?
If you registered a business entity with your state (Secretary of State), you likely need to file. This includes "disregarded entities" for tax purposes.
- LLCs (Single-Member & Multi-Member)
- Corporations (C-Corps & S-Corps)
- Limited Partnerships (LPs)
- Foreign Entities registered to do business in the US
We Make It Easy
The FinCEN portal is confusing and strict. We handle the data entry, validation, and confirmation receipt for you.
- ✓ BOI Report Preparation
- ✓ Beneficial Owner Verification
- ✓ FinCEN Submission
- ✓ Confirmation Transcript
Am I Exempt? (The 23 Exemptions)
While most small businesses must file, there are 23 specific exemptions. Most apply to highly regulated industries or large companies.
| Exemption Type | Criteria Details |
|---|---|
| Large Operating Company | Must meet ALL three: (1) 20+ full-time US employees, (2) Physical office in the US, (3) $5 Million+ in gross receipts on last tax return. |
| Tax-Exempt Entity | 501(c)(3) Non-profits and other tax-exempt entities are generally exempt. |
| Inactive Entity | Must be in existence before Jan 1, 2020, NOT engaged in active business, NOT owned by a foreign person, AND holds no assets. |
| Regulated Financial | Banks, Credit Unions, Insurance Companies, and Broker-Dealers registered with the SEC. |
*If you do not meet these strict criteria, you likely MUST file.
Key Definitions
Any individual who, directly or indirectly: (1) Exercises substantial control over the company (CEO, CFO, Manager), OR (2) Owns or controls at least 25% of the ownership interests.
The individual who directly filed the document that created the company (e.g., the lawyer, CPA, or you). Only required for companies created on/after Jan 1, 2024.
A unique 12-digit number issued by FinCEN to individuals. If you provide this, you do not need to submit your address/passport details repeatedly.
Even if you own 0% of the company, if you make important decisions (hiring, firing, spending), you are a Beneficial Owner.
Strict Filing Deadlines
The deadline depends on when your company was legally created. Missing these dates triggers the penalty clock.
| Company Creation Date | Filing Deadline | Action Required |
|---|---|---|
| Before Jan 1, 2024 | January 1, 2025 (PASSED) | File Immediately to stop penalties |
| During 2024 | 90 Days after registration | File ASAP |
| On or After Jan 1, 2025 | 30 Days after registration | File with formation docs |
What Information Is Required?
To file your report, we will need to collect the following datapoints for the company and all Beneficial Owners.
🏢 Company Info
- Legal Name
- DBA / Trade Names
- Physical US Address (No PO Boxes)
- Tax ID (EIN)
👤 Owner Info
- Full Legal Name
- Date of Birth
- Residential Address
- Unique ID Number (Passport/DL)
📄 Documents
- Image of Photo ID
- (Passport, Driver's License, or State ID)
- Must be unexpired
- Must be legible
Beneficial Ownership FAQ
I am a single-member LLC. Do I still have to file?
Yes. Single-member LLCs are NOT exempt. Even if you have no employees and no revenue, if you filed articles of organization with your state, you must file a BOI report.
Is this an annual requirement like a tax return?
No. The initial BOI report is a one-time filing. However, you must file an Updated Report within 30 days if any information changes (e.g., you move houses, get a new passport, or change business name).
What if I refuse to file?
Willful failure to report can result in civil penalties of $591 per day (up to $10,000) and criminal penalties of up to two years in prison. The government treats this similarly to money laundering prevention.
Does my CPA do this for me?
Most CPAs do NOT file this for clients because it is considered a "legal" filing, not a "tax" filing. That is why we created this separate service to handle it for you.
Is my information public?
No. The FinCEN database is not public. It is only accessible by federal law enforcement, national security agencies, and financial institutions (with your consent) for customer due diligence.
Get Compliant Today
It takes less than 10 minutes to submit your info to us. We handle the federal filing and send you the confirmation transcript.
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