Support - Compliance 101: How do I file my BOI Report?

On January 1, 2024, a new federal reporting requirement went into effect called the Corporate Transparency Act (CTA). Due to this, entities formed in 2024 must file their Beneficial Ownership Information (BOI) report within 90 days of incorporation, while entities formed prior to 2024 have a calendar year to file.

This new act requires many companies in the United States — numbering in the tens of millions — to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. It’s vital to check if this new law applies to you and file, as non-compliance can result in penalties including fines and jail time.

The good news? Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once. (Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.)

So who must report? According to FinCEN, your company may need to report information about its beneficial owners if it is:

• a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or

• a foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing

If you’re not sure if you must file or think you may qualify for an exemption, you may review this guide provided by FinCEN, and if you are still unsure, speak to an attorney or accounting professional. Capbase is unable to advise whether an individual client must file.

You may file your report here.

We can also file this on your behalf for an additional $199 fee. If you'd like us to do this, please reach out to support@capbase.com. Please note we won’t submit late filings, so be sure to submit your response at least ten calendar days (10) before your deadline.