Beneficial Ownership Information (BOI) Reports
As of 2024, the requirement for Beneficial Ownership Information (BOI) Reports has gone through some legal battles that have changed some of its requirements. The most recent changes removed the penalties and updated the filing deadline that were initially set, making it more important now than ever to stay informed about your business obligations regarding BOI reporting in the future.
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What You Need to Know Right Now
The BOI Report requirement is currently under review by both FinCEN and Congress, and the new deadline will not be enforced. FinCEN will also not be collecting any fines on people who do not file by the deadline while the BOI Report is still under review.
It’s important to note that even though BOI Reports aren’t being enforced or penalized, they are still a required filing. Here’s a quick overview of when your BOI Report is due based on when you formed your company:
| Date of company formation | BOI Report due date |
| Before February 19, 2025 | March 21, 2025 |
| After February 19, 2025 | 30 days after company formation |
While BOI Reports are currently being argued in the courts, our partnership with Registered Agents, Inc. means you can rely on us no matter what to handle your filings with ease and to stay current on what’s happening with the Corporate Transparency Act and BOI Report.
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What Is a BOI Report?
The Beneficial Ownership Information (BOI) Report requires companies to submit details, such as names, addresses, birthdates, and ID numbers, about individuals who have significant decision-making or financial control over the company. These individuals are referred to as the company’s beneficial owners. This requirement was introduced under the federal Corporate Transparency Act by FinCEN (the Financial Crimes Enforcement Network).
While the BOI Report was originally intended as a one-time filing, it’s important to keep track of any changes to the information provided. Should any of these details change, you will need to submit an updated report.
What is FinCEN?
FinCEN stands for the Financial Crimes Enforcement Network, which is a division of the U.S. Department of the Treasury. This bureau collects information about financial transactions in an attempt to head off money laundering and other financial crimes. FinCEN works across multiple agencies, including financial, legal, and law enforcement institutions.
What is the Corporate Transparency Act?
The Corporate Transparency Act (CTA) went into effect on January 1, 2024, with the goal of creating a database of beneficial ownership information to help combat financial crimes. While the CTA is focused on strengthening national and economic security, the BOI Report requirement does create extra work for small business owners, which is why it is currently being reviewed by FinCEN.
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How to Submit a BOI Report
BOI Reports can be submitted directly through the FinCEN website. Click on the “File BOIR” button, and you can either download a PDF to edit in Adobe or fill in the requested information through your web browser.
Let Us Handle the BOI Report For You
We’re aware that you have more important things to do than file yet another report. You could read over the BOI Report requirements, reread them to double and triple check that you understand them, and then spend the time on a government website filling out pages of information—or you can answer a few quick questions on our website and be done with it.
Epik and Registered Agents, Inc. can file your BOI Report for you for just $9 when you take the plunge to start your new business. When you form your LLC, corporation, or nonprofit with Epik, you have the option to generate your BOI Report at the same time.
Why Choose Epik to File Your BOI Report
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We Delete Your Beneficial Ownership Information
The BOI Report may ask you for more information than you’re used to submitting to the government. So, once we get confirmation that your BOI Report has been accepted, we delete all of your beneficial ownership information from our servers and databases. While we 100% appreciate the need to counter federal financial crimes, we believe that it shouldn’t come at the cost of your personal privacy.
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We’re Experts in Business Filings
Our partnership with Registered Agents, Inc. gives us access to the best business filers in the industry. If any issues arise with your BOI Report, you can rest assured that we’ll be behind you every step of the way, and we can alert you to any changes to the BOI requirements that might arise in the future. BOI requirements have already changed a few times, and there are a few kinks that are still being worked out at the governmental level—that’s why we’re keeping track of the still-evolving rules and requirements for you.
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We Can Save You Lots of Time
The forms you fill out on the FinCEN site ask many more questions that the general business owner needs to sift through. FinCEN estimates that most business owners can complete the report on their site in 90 minutes (but it can take much longer for companies with more robust business structures). When you opt into Epik’s BOI Report service when forming your new company, it will take you fewer than 10 minutes.
Frequently Asked Questions
A beneficial owner is anyone involved in your business who has substantial financial control or is directly in charge of major decision-making. When completing your BOI Report, you’ll need to consider anyone who is directly influencing decisions within your company and include them in the Report.
Yes. Currently, filing a Beneficial Ownership Information (BOI) Report is mandatory, though neither FinCEN nor the Treasury will penalize anyone for not filing by the due date.
It isn’t a new law in itself, but instead a requirement that comes out of the CTA (Corporate Transparency Act), which is a new law.
No. FinCEN will not be collecting any fines or penalties while the BOI Report and Corporate Transparency Act is still under review. However, prior to the pause, there was a fine of $591 per day up to $10,000 for failure to file.
Some companies are exempt from filing a BOI Report because they already are adhering to strict reporting requirements. There are a total of 23 specific exemptions, but the most important ones to note are tax-exempt companies, inactive businesses, and large operating companies. To qualify as exempt as a large operating company, you need to report more than $5 million in gross sales or receipts, operate and conduct business regularly at an office in the US, and employ more than 20 full-time employees.
Yes! Someone at your company can file your report, or you can hire an outside service like Epik or Registered Agents, Inc. to file your report for you.
Thankfully, no. The information you include in your BOI Report isn’t publicly available and it isn’t subject to any Freedom Information Act requests. Your Report information can only be accessed for reasons falling under the goals of the CTA in order to address financial crimes. Any other requests for this information will have to be approved by you.
It currently costs $0 to file your BOI Report if you file directly through the FinCEN website. When you hire Epik to file your BOI Report for you, it’s only $9.
The Corporate Transparency Act (CTA) comes out of the Anti-Money Laundering Act (AMLA), which itself comes from the National Defense Authorization Act (NDAA). These Acts were enacted by Congress at the start of 2021. The AMLA was created to make it much more difficult for people to commit financial crimes, and the BOI Report is meant to make it easier to identify the people committing these crimes.
A FinCEN Identifier is a unique ID number you can register for as an individual or a company. Once you register for a FinCEN ID, you can use this number on your BOI Report instead of having to resubmit your personal information. This can save you time and protect your privacy if you have to file BOI updates in the future or keep your information private when using outside filing services.
To get a FinCEN ID, navigate to the FinCEN website and submit the following information: your legal name, date of birth, address, and a unique ID number (like a social security number). FinCEN will assign a unique number to you that can be used on your BOI Report.