Simple & Secure Online BOIR Filing Solution for You and Your Clients
TaxBandits, a one-stop BOl filing solution for law firms, CPAs, registered agents and
small businesses to stay compliant with FinCEN regulations.
Streamlined Options to Manage BOI Filing for Your Clients
- BanditConnect for Seamless Client Collaboration
- BanditCollab for Streamlined Team Management
-
API for Efficient BOIR Automation Within
Your Software
How to File a BOI Report Online?
Per the Corporate Transparency Act (CTA), starting January 1, 2024, most businesses in the U.S. are required by FinCEN to submit Beneficial Owners Information Report (BOIR). This legislation aims to enhance financial transparency and combat money laundering and other financial crimes.
Here are the steps to file your BOI report using TaxBandits:
TaxBandits supports all types of BOI Reports - Initial, Correction, Update, and Newly Exempt Entity Reports.
Enter the details of the reporting company. It will be added to our Address Book automatically for future use.
Provide the details of the company applicants. You can add a maximum of 2 company applicants for a company.
Enter the beneficial owners by yourself or invite them to provide details on their own.
Review the information and transmit the BOI report to FinCEN. You will receive instant updates regarding the FinCEN status of your report.
How to file BOI Report
FinCEN BOI Filing Deadlines
The deadline to file a BOI report is based on your company's establishment date.
| Company's Establishment Date | BOI Filing Deadlines |
|---|---|
| Companies created or registered before January 1, 2024 | January 1, 2025 |
| Companies created or registered on or after January 1, 2024 | within 90 calendar days |
| Companies created or registered on or after January 1, 2025 | within 30 calendar days |
Note: Late filing penalty can be up to $10,000 at $591/day
Unlock New Opportunities, Maximize Your Revenue
According to FinCEN, an estimated 32.6 million small businesses must file a BOI report this year. As a CPA, these new regulations bring you a significant opportunity. By offering BOI filing services to your clients using TaxBandits, you can ensure their compliance while creating
a new revenue stream for your practice.
Expand Your BOI Filing Capabilities with Our API
Effortlessly integrate our API into your existing system to streamline and enhance your BOI filing process.
Tailored White-Label Service to Elevate Your Brand
Maximize your earnings by customizing our BOI filing solution with your branding, fusing your distinct identity with our cutting-edge technology.
Grow Your Business with Our
Affiliate Programs
Earn commissions by adding your referral link to your website or social media. Each client who files BOIs through TaxBandits adds to your revenue stream.
Exclusive Features Designed for High-Volume BOIR Filing
BanditCollab - Leverage Our Team Management Tool for Efficient BOI Filing
Invite Your Team
-
Invite your team members and let them manage the BOI filings for
your clients.
Assign Predefined Roles
- Assign specific roles (Preparer, Approver, or Transmitter) to each member and ensure a streamlined workflow.
Keep Track of Progress
- Effortlessly track and oversee each team member's filing activities.
BanditConnect - Facilitate Seamless Client Collaboration for BOI Reporting
Ensure Secure Data Sharing
- Provide a secure portal for your clients where they can add required information on their own, review/approve completed reports, leave comments, and more.
Elevate Your Branding
- From name and logo to theme and URL, customize every aspect of the client portal with your own branding.
Enable Client Communication
- You and your clients can leave messages on BOI reports and communicate effortlessly through the portal.
Workflow Reminders - Keep Your Clients on Track
Schedule automated workflow reminders to keep your clients on track with their BOIR requirements for FinCEN.
Start BOI Report
- Automatically send reminders if your client hasn't initiated the report.
Incomplete BOI Report
-
Trigger alerts and notifications if a report remains inactive for a
set duration.
Review BOI Report
- Schedule reminders for clients if their report has been pending review for too long.
Our Helpful Tools to Simplify Your BOI Filing
BOIR Exemption Checker
Find out whether your company needs to file a BOI report.
Time-Saving Features Designed to Streamline Your FinCEN BOI Filing
Comprehensive BOIR Filing Solution
We support all types of BOI reports - Initial, Correction, Update, or Newly Exempt Entity reports.
Built-In Guidance
Our software incorporates step-by-step instructions through the reporting process.
Flexible BOIR Data Import
Simply pull the client data from your Address Book for, eliminating manual entry.
Scheduled
BOI Reporting New
Schedule your BOI reports on your desired date and make changes anytime before transmission.
Invite Beneficial Owners
Invite beneficial owners to provide their information via a secure link.
Progress Tracking
TaxBandits tracks your BOI reporting progress and lets you pick up where you left off, enabling you to file at your own pace.
Instant BOIR Filing Status Updates
Receive instant updates on the FinCEN status of your BOI filings via email.
Free Corrections for a Week
File free corrections for a week following the initial submission.
FinCEN BOI Filing Fee
- Free corrections for a week
- Record keeping for up to 7 Years
- Autosave feature that lets you complete reports at your own pace
- Helpful guidance/instructions at each stage of the filing
- Phone, email & live chat support
$49 /Report
Integrate Our Developer-Friendly API to Automate BOIR Filing!
TaxBandits offers a comprehensive BOIR API that helps you automate the end-to-end BOI filing process right from your existing software or portal.
- A free developer account
- A secure sandbox environment for testing
- Postman collection
- Open SDK libraries
- Comprehensive documentation with code samples
Check Out our Summer Blockbuster BOIR Webinar Series!
Our experts are here to help you master BOI filing requirements with helpful tips all summer long!
Featuring:
- Star-Studded Expertise: Learn from Christina and Tiffanie, your TaxBandits experts!
- Behind-the-Scenes Tips: Navigate BOIR compliance like a pro
- Director's Commentary: Exclusive insights and Q&A sessions
Data Security is Our Highest Priority - Secure BOIR Filing Guaranteed!
As a SOC-2 certified provider, TaxBandits safeguards your sensitive information, including PII data like SSNs, using robust security measures. Learn more.
Frequently Asked Questions About BOI Filings
Under the Corporate Transparency Act (CTA), FinCEN requires most small businesses to report their Beneficial Ownership Information (BOI) starting January 1, 2024. This law was passed to improve financial transparency and eliminate money laundering and other similar crimes.
Generally, the following companies are required to complete BOI reporting:
- Domestic Entities - Any domestic business that operates under U.S. tax laws. This includes corporations, LLCs, limited partnerships, and limited liability partnerships (LLPs).
- Foreign Entities - Any entities that are established outside the United States and conduct business in the U.S.
No! If the company has completed its formal dissolution before January 1, 2024, it will no longer be subjected to BOI reporting requirements. To be considered formally dissolved, the company must ensure the following.
- Filed dissolution paperwork
- Obtained a written confirmation of dissolution
- Paid any applicable taxes or fees
- Ceased conducting business
- Fully wound up their affairs
The deadline to file a BOI report is based on your company's establishment date.
- Existing reporting companies created or registered before January 1, 2024, must file their BOI reports by January 1, 2025.
- Companies created or registered to do business in the United States on or after January 1, 2024, must file their BOI reports within 90 calendar days.
- Companies created or registered to do business in the United States on or after January 1, 2025, must file their BOI reports within 30 calendar days.
Click here to learn more about BOI filing requirements.
According to FinCEN, any individual or a group of individuals who has substantial control over the reported company or has at least 25% of the ownership interests of the reported company directly or indirectly. Click here to know more about the beneficial owner(s) of a company.
A company applicant can be an individual who directly files the document that registers the company or the individual who is primarily responsible for the filing (when more than one individual). Click here to know more about the company applicant for a company.
Primarily, you’ll need the following information to complete your BOI report.
- Reporting company details such as Name, EIN, Address, etc.
- Type of the report (Initial, Update, Correct or Newly Exempt Entity)
- Information about the Beneficial Owners (Name, Date of Birth, Address and Identity Proof)
- Details of the Company Applicant(s) (Name, Date of Birth, Address and Identity Proof)
Visit https://www.taxbandits.com/fincen-boi/boi-instructions/ to learn more about BOI filing Instructions.
According to the FinCEN rule specified in the Corporate Transparency Act, anyone who fails to comply with the BOI reporting requirements will be subjected to civil penalties of up to $591/day. Furthermore, there can be criminal penalties of up to two years imprisonment and a fine amount of up to $10,000.
There are 23 types of entities that are exempt from BOI reporting. Here are they,
| Exemption No. | Exemption Short Title |
|---|---|
|
1 |
Securities reporting issuer |
|
2 |
Governmental authority |
|
3 |
Bank |
|
4 |
Credit union |
|
5 |
Depository institution holding company |
|
6 |
Money services business |
|
7 |
Broker or dealer in securities |
|
8 |
Securities exchange or clearing agency |
|
9 |
Other Exchange Act registered entity |
|
10 |
Investment company or investment adviser |
|
11 |
Venture capital fund adviser |
|
12 |
Insurance company |
|
13 |
State-licensed insurance producer |
|
14 |
Commodity Exchange Act registered entity |
|
15 |
Accounting firm |
|
16 |
Public utility |
|
17 |
Financial market utility |
|
18 |
Pooled investment vehicle |
|
19 |
Tax-exempt entity |
|
20 |
Entity assisting a tax-exempt entity |
|
21 |
Large operating company |
|
22 |
Subsidiary of certain exempt entities |
|
23 |
Inactive entity |
In September 2024, FinCEN released new updated FAQs related to BOI reporting requirements. These updates provide more detailed information on previously established requirements. The new FAQs cover:
- Reporting requirements for companies that have ceased to exist
- Who can file the BOI report for dissolved companies
- Reporting requirements for foreign companies
- Including historical beneficial owners in initial reports
To learn more about these updates, click here.
See How TaxBandits Simplified the BOIR Filing for High Volume Filers!
The Smart CPAs Choice
I absolutely love the Beneficial Owner inviting option—it’s made my job so much easier and I’m no longer stressed about getting the info right.
We are able to offer FinCEN BOI solutions to our clients while maintaining our brand identity and customer experience, which gives us a competitive edge over others.
New revenue stream unlocked! We were searching for a BOI API solution to integrate into our existing system and finally found the perfect one. Thrilled to have chosen TaxBandits!
Filing BOIR reports used to be such a pain but your software totally changed that. It's so complete, handling everything from Initial to Correction reports, made it all so much easier.
The step-by-step instructions were a game changer. They guided me through each part without any confusion. And the flexible data import feature? Amazing! Pulling client data from my Address Book saved me tons of time and effort.
Inviting beneficial owners to provide their info through a secure link was smooth and stress-free. Loved the progress tracking feature too—it let me take my time and pick up right where I left off.
I absolutely love the Beneficial Owner inviting option—it’s made my job so much easier and I’m no longer stressed about getting the info right.
We are able to offer FinCEN BOI solutions to our clients while maintaining our brand identity and customer experience, which gives us a competitive edge over others.
New revenue stream unlocked! We were searching for a BOI API solution to integrate into our existing system and finally found the perfect one. Thrilled to have chosen TaxBandits!
Filing BOIR reports used to be such a pain but your software totally changed that. It's so complete, handling everything from Initial to Correction reports, made it all so much easier.
The step-by-step instructions were a game changer. They guided me through each part without any confusion. And the flexible data import feature? Amazing! Pulling client data from my Address Book saved me tons of time and effort. Scheduling my BOI reports was super easy and knowing I could make changes before submitting was such a relief.
Inviting beneficial owners to provide their info through a secure link was smooth and stress-free. Loved the progress tracking feature too—it let me take my time and pick up right where I left off.
Helpful Resources to File Beneficial Ownership Information Report Online
BOI Reporting Requirements
FinCEN BOI Report Filing Instructions
BOI Report For LLC
Our Recent Blogs on FinCEN BOI Filing
