Corporate Transparency Act – Filing your Beneficial Ownership Information Report
In 2021, Congress passed the Corporate Transparency Act. This is a bipartisan bill which endeavors to make financial reporting for business more transparent. If you have a business that was established on or before 1/1/2024, you have until January 1, 2025, to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). If your business was established sometime in the year 2024, you will have 90 calendar days from the date your business creation was effective to file this report. Follow the instructions below to create your BOI report and submit it to FinCEN.
Have questions? See BOI FAQ’s or An Introduction to BOI Reporting for more information.
How to File a Beneficial Ownership Report:
Navigate to https://www.fincen.gov/boi
Select File a report using the BOI E-Filing System
From this page, select File BOIR or Get Started (they will take you to the same place)
Information you will need to complete this filing:
- Reporting Company Legal and Alternative (DBA) names
- Tax Identification number (Business EIN, SSN, or ITIN)
- Business address used in formation documents
- Information about Beneficial Owner(s)
- Birth date
- Residential address
- Photo or scan of driver’s license or identification
Where to find information you may not have:
- Secretary of State website “Business Search”
- See Idaho’s here
- Your EIN can be found on your business tax return (take care to only send or receive sensitive information in a protected and encrypted fashion, do not send these numbers through email)
If you have all the information needed to file your report, and are ready to submit today, select Prepare & Submit BOIR. If you’d prefer to work in a PDF version of the form and submit at a later date, select Prepare BOIR.
Instructions for Filing BOI Report:
Type of filing: Initial Report
Next
DO NOT check boxes for #3 or #4
In box 5 Enter the legal name of the business
Skip box 6
In box 7 select EIN from the drop-down
In box 8 enter the business’ EIN without the dash
Skip box 9
In box 10 – select United States of America
Select your state in 10 b.
In box 11, 12, 13,14, 15 – enter address of LLC (from tax return or state filing information)
In box 16 – check this box
Hit YES on the pop-up that appears
Skip to end of page and hit Next
Note: If your company was formed on or after January 1, 2024, you will be required to fill out information for the Company Applicant. This is the person who filed the documents to create or register the company with the state.
DO NOT check box 35.
Do not enter anything for 36 or 37
Enter your info in boxes 38, 39, 40, 41, 42, 43,44, 45, 46, 47, 48, 49, 50 and upload a copy of the front page of your driver’s license in the box under 51**
Last page – enter your info and agree and I am human.
After you check the “I agree” box, the system will let you know through a pop-up window if there is any additional information necessary to complete the application. Once everything has been filled out, no pop-up will appear and you will be able to submit.
When the submission is complete, be sure to select Download Transcript to receive a record of your submission.
**Follow these instructions if your company has multiple owners: If an entity has more than one beneficial owner, you need to select a box to add another person’s name.
After completing boxes 38-51, if there is another individual who owns or controls at least 25% or the ownership interests, scroll back to the top of Part III. Beneficial Owner Information and select Add Beneficial Owner.
