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FinCEN BOI Corporate Transparency Act
The Financial Crimes Enforcement Network (FinCEN) announced a new Small Entity Compliance Guide to assist the small business community in learning about and complying with the beneficial ownership information (BOI) reporting rule.
Many entities created in, or registered to do business in, the United States will be required to report to FinCEN information about their beneficial owners—the individuals who ultimately own or control a company. There are penalties and fines for noncompliance, so understanding BOI filing requirements is essential.
FinCEN has issued FAQs about the BOI reporting requirements that incorporate content from the Small Entity Compliance Guide.
Filing BOI
As of January 1, 2024, FinCEN is now accepting U.S. Beneficial Ownership Information through the FinCEN’s secure website.
Filing is simple, secure, and free of charge through FinCEN’s secure website. Refer to the Beneficial Ownership Information Report Filing Instructions on the BOI E-Filing Help and Resources site.
There are two methods for filing the Beneficial Ownership Information Report (BOIR):
- File PDF BOIR:
- Adobe Reader is required
- Capability to prepare report offline at your own pace and save as you go
- Reuse PDF BOIR when filing updates/corrections
- Download BOIR transcript upon submission
- File Online BOIR:
- Adobe Reader NOT required
- Prepare report online and submit now
- Prepare new Online BOIR when filing updates/corrections.importantAny subsequent updates or corrections will necessitate re-entering all the data.
- Download BOIR transcript upon submission
Beneficial ownership information reporting isn't an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.
Companies that are required to comply need to file by the following deadlines:
- Reporting companies created or registered to do business in the United States before January 1, 2024 need to file by January 1, 2025.
- Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.
On November 7, 2023, FinCEN issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner. A FinCEN identifier is a unique number that FinCEN will issue upon request after receiving required information. Although there's no requirement to obtain a FinCEN identifier, doing so can simplify the reporting process and allows entities or individuals to provide the required identifying information directly to FinCEN. The final rule will be effective January 1, 2024, to align with the effective date of the BOI Reporting Rule. To learn more about FinCEN identifiers, refer to Chapter 4.3 of FinCEN’s Small Entity Compliance Guide.
On November 30, 2023, FinCEN issued a deadline extension amending the beneficial ownership information reporting rule for entities created or registered on or after January 1, 2024, and before January 1, 2025, to give those entities additional time to understand the new reporting obligation. This amendment extends the filing deadline from 30 calendar days to 90 calendar days. Entities created or registered on or after January 1, 2025, though, will continue to have 30 calendar days to file their BOI reports with FinCEN.
More information is available on the FinCEN’s BOI website.
Features in UltraTax CS
- Screen BOI, Beneficial Ownership Information for FinCEN, is available in the Separate Filings Folder to document and track any requirements for the new Beneficial Ownership Information Report (BOIR).
- Three Beneficial Ownership Information Report (BOIR) diagnostics, 1 Critical and 2 Client Analysis were added to UltraTax/1040 on a previous update. These diagnostics relate to data entry or missing data entry on Screen BOI, Beneficial Ownership Information for FinCEN. They will alert you to conflicting data entry, the possibility of the client needing to file a BOIR, and the reminder to file an updated BOIR if any information on a previously filed report changes.
- Five Beneficial Ownership Information Report (BOIR) related custom paragraphs are available to be included in the 1040 Transmittal Letter. They include BOIR filed – File update for change (TL), BOIR – Consider for existing co. (TL), BOIR – Consider for new company (TL), BOIR – FinCEN identifier (TL), and BOIR – Filing instructions w/FinCEN (TL).
- UltraTax Data Mining utility includes a Beneficial Ownership Information (BOI) client letter and two reports, BOIR filed with FinCEN and BOIR filing exemption with FinCEN. New predefined searches related to BOI are also available.
- The UltraTax Client Organizer Questionnaire has two questions around Beneficial Ownership Information (BOI) to help determine if there is a reporting requirement.