Now that we’ve covered all the information you need about beneficial ownership information reporting requirements in previous blog posts, it’s time to move on to what you need to know about actually filing a BOI report with FinCEN. If you’ve missed those other articles, it’s important to read them first before proceeding to how to file a BOI report.

In part six of this series, we’ll walk you through the process of filing your beneficial ownership information report in accordance with the Corporate Transparency Act. Whether you’re a new or existing reporting company, understanding how to file a BOI report is crucial for staying on the right side of the law and contributing to national efforts against financial crimes.

How to File a BOI Report: Timing

First, it’s important to distinguish the difference between filing for existing reporting companies and new reporting companies. Businesses that were created or registered to do business in the United States on or before January 1, 2024, must file by January 1, 2025.

Businesses created on or after January 1, 2024, have different timelines to follow. Those created, and registered after January 1, 2024, but before January 1, 2025, have 90 calendar days to file their initial BOI reports after they receive actual or public notice of their company’s registration or creation being effective to file.

Then, for businesses created on or after January 1, 2025, they will have 30 calendar days to file their initial BOI reports after receiving their actual or public notice of effective registration or creation.

Understanding BOI Reports and FinCEN

Before we get into how to file a BOI report, it’s worth revisiting what BOI reports are and why FinCEN (Financial Crimes Enforcement Network) mandates them. BOI reports ensure financial networks remain transparent. This is meant to make it harder for illicit activities (including money laundering or funding for terrorists) to take place under the radar.

Steps to File a BOI Report with FinCEN

Next, let’s review the steps for filing a BOI report with FinCEN. The process is straightforward, but it’s still important to ensure the report’s accuracy and completeness.

1. Registration with FinCEN

Before submitting any information, you must register with FinCEN on the BOI e-filing website.

2. Collecting Required Information

Make sure you have gathered all the necessary beneficial ownership information and clearly understand what details you need to report.

Read about the BOI reporting requirements here.

3. Completing the BOI Report Form

Carefully fill out the report form, ensuring all information is accurate and complete. This will minimize the risk of having to submit corrections later.

Here’s what you need to include in your BOI report.

4. Submitting the Report to FinCEN

Once the form is accurately completed, submit it using your chosen method—we’ll tell you more about those methods in a moment. You’ll receive a confirmation of your submission, which you should keep for your records.

5. Follow-up and Compliance

Stay on top of any updates from FinCEN, and make sure you comply with any additional requests or deadlines.

How to File a BOI Report: Methods

As mentioned, you have three different methods for submitting your beneficial ownership information report: PDF, e-filing, or System-to-System API.

To file via PDF, you’ll need Adobe Reader. You can complete the form at your own pace, save it as you go, and submit it when it’s complete. You can access your BOI report by downloading it upon submitting it. If you need to update or correct your form, you can reuse your existing form to do so.

In the case of e-filing, you do not need Adobe Reader. Instead, you’ll download, prepare, and submit the report online. Once you submit the form, you can download it the same way as the PDF report. However, you must complete a new form if you need to make corrections or updates.

If you’d like to report via System-to-System API, you’ll need to contact FinCEN directly for help.

Benefits of Properly Filing BOI Reports

Filing reports correctly and within the given timelines ensures your business stays compliant, avoiding potentially hefty penalties. It also signifies your business’s commitment to due diligence and contributes to larger national security efforts to prevent financial crimes.

Common Challenges and How to Overcome Them

Filing BOI reports can be challenging, especially regarding data accuracy and managing confidential information. It’s imperative to have systems in place that safeguard sensitive data and enable timely updates when necessary.

Our Expertise in BOI Reporting

The team at Contiguglia Law is experienced in assisting clients with every facet of BOI reporting. From understanding BOI reporting requirements to succeeding in submitting that initial BOI report, Contiguglia Law offers the expertise to ensure the process is handled swiftly and accurately.

Summary: How to File a BOI Report

Filing a beneficial ownership information report with FinCEN is a vital responsibility for businesses as part of the Corporate Transparency Act. Make sure you understand the timelines and procedures depending on when your business was created or registered. Follow these steps diligently, and always remember to ensure the importance of accuracy and timeliness in your submissions.

For professional assistance and to be confident your business meets all the BOI reporting requirements, contact the experienced legal team such as Contiguglia Law. Doing so can provide peace of mind and offer the expertise necessary to manage this aspect of your business flawlessly.

Schedule a time to talk here.

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