Seamless BOIR E-filing Software Made for Small Businesses
BOI reporting doesn’t have to be complicated. Our intuitive and secure BOIR e-filing platform makes the process quick and easy.
Exclusive BOIR Filing Features
- Complete Filing Solution
- Free Corrections for One Week
- Schedule BOIR Filings
- Built-in Guidance
- Instant Status Updates
BOIR Mandate for Small Businesses
Beginning January 1, 2024, the Corporate Transparency Act mandates that many U.S. businesses disclose their Beneficial Ownership Information to FinCEN. Failure to comply may lead to civil and criminal penalties.
BOIR Eligibility Checker
Determine if your business is required to file a BOI Report with FinCEN.
How to E-file a BOI Report
Follow these steps to e-file your BOI Report with TaxBandits:
TaxBandits supports all types of BOI Reports, including Initial, Correction, Update, and Newly Exempt Entity Reports.
Enter your company's details, such as business name, address, and TIN, to save them in your Address Book for future filings.
Enter the required information for up to two company applicants.
Enter the details of all beneficial owners associated with your company, or invite them to complete their information via a secure link.
Review your entries carefully and submit your BOI report to FinCEN. You will receive instant updates on the status of your submission.
BOI E-filing Deadline
The deadline for e-filing the BOI report depends on your company's establishment date.
| Company's Establishment Date | BOIR 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: Failure to file a BOI Report may result in penalties ranging from $591 to $10,000.
Required Information for E-filing the Beneficial Ownership Information Report
Reporting Type
- Initial Report
- Corrected Report
- Updated Report
- Newly Exempt Entity Report
Reporting Company Details
- Full Legal Name
- Trade Name or DBA
- Address
- EIN
Company Applicants
- Name
- Date of Birth
- Address
- Acceptable Identification Documents
The Beneficial Owners
- Name
- Date of Birth
- Residential Address
- Acceptable Identification Documents
Efficient FinCEN BOI E-Filing: Key Features of Our Software
Complete BOI E-Filing Solution
We support all available BOI reports, including Initial, Correction, Updates, and Newly Exempt Entity reports.
Built-In Guidance
Our software offers step-by-step guidance throughout the entire reporting process.
Flexible Data Import
Seamlessly import your data from the Address Book, eliminating the need for manual entry.
Schedule your BOI Filing
Boost efficiency by scheduling BOIR filings and making edits as needed before submission to FinCEN.
Invite Beneficial Owners
Invite beneficial owners to provide their information using a secure link.
Track Your Progress
TaxBandits monitors your progress, so you can resume your filing exactly where you left off.
Instant Status Notifications
Receive immediate email updates regarding the FinCEN status of your BOI filing.
Free Corrections for One Week
You can update your BOI Report for no extra cost within 7 days following the initial submission to FinCEN.
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
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
Frequently Asked Questions About BOI E-Filing
Under the Corporate Transparency Act (CTA), starting January 1, 2024, FinCEN requires most small businesses to file a Beneficial Ownership Information (BOI) report. This legislation aims to enhance financial transparency and combat money laundering and related crimes.
Generally, the following businesses, referred to as reporting companies, are required to submit BOI reports:
- Domestic reporting companies - Any companies established under U.S. tax laws. This includes corporations, LLCs, limited partnerships, and limited liability partnerships (LLPs).
- Foreign reporting companies - Any companies established outside the U.S. and conducting their trade or business in the U.S.
If the company completes its formal dissolution before January 1, 2024, it will no longer be obligated to comply with BOI reporting requirements. To formally dissolve, 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 affairs, such as liquidating assets and closing bank accounts
However, if the company was a legal entity at any time on or after January 1, 2024, it must comply with BOI reporting requirements, even if it ceased business activities before that date. Similarly, any company formed or registered on or after January 1, 2024, and later dissolved must disclose its beneficial ownership information to FinCEN.
The deadline for filing a BOI repor depends on your company's formation date.
- Companies formed or established before January 1, 2024, must submit their BOI reports by January 1, 2025.
- Companies formed or established on or after January 1, 2024, must submit their BOI reports within 90 days.
- Companies formed or established on or after January 1, 2025must submit their BOI reports within 30 days.
According to FinCEN, beneficial owners are defined as any individual or entity with substantial control over a reporting company or who owns or controls 25% of the ownership interest, either directly or indirectly.
The company applicant is the person responsible for filing the registration documents with the Secretary of State or a similar office. If multiple individuals are involved, the primary individual can be designated as the company applicant. Legal entities or organizations cannot be designated as company applicants.
Failure to submit the BOI report within the deadline will result in potential penalties from FinCEN.
- Civil penalties - Range up to $591/day
- Criminal penalties - Up to two years imprisonment and fine amount up to $10,000
There are 23 types of entities exempt from the BOI reporting requirements:
| 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 |
Success Starts with TaxBandits!
The Smart Business Owners 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 E-File Beneficial Ownership Information Report
BOI Reporting Requirements
FinCEN BOI Report Filing Instructions
BOI Report For LLC
