0:00
/
0:00
Transcript

21) How to File the BOI Report

Learn how to file the Beneficial Ownership Information (BOI) Report with FinCEN in this step-by-step video guide.

Hi everyone, welcome back to another video from Jon's Bookkeeping.

I'm Jon Cooney and today I want to talk about filing your Beneficial Ownership Information Report.

I'll walk you through the step-by-step process of filing the BOI report with the Financial Crimes Enforcement Network, (or FINCEN,) as required under the Corporate Transparency Act.

Step 1 is to determine if you need to file, (which is likely).

Check if your business meets the FinCEN definition of a reporting company.

If you're a domestic or foreign company with 20 or fewer full-time employees, annual gross receipts of $5 million or less, and an operating presence at a physical office within the United States, you may be exempt.

Step 2: Gather Required Information.

Collect the necessary information for each beneficial owner.

  • full name,

  • date of birth,

  • address,

  • unique identifying number (such as social security number,)

  • and an image of a government issued ID.

Step 3: Create a FinCEN account.

If you haven't already, create an account on the FinCEN website.

You'll need to provide your business's EIN and other identifying information.

Step 4: Access the BOI filing system.

Log into your FinCEN account and access the BOI filing system.

Select the Beneficial Ownership Information option.

Step 5: Fill out the BOI report.

Complete the online form by providing the required information for each beneficial owner.

Make sure to review and edit your submission carefully.

Step 6: Submit the BOI report.

Once you've completed the form, submit it electronically through the BOI filing system.

You'll receive a confirmation message with a unique filing number.

And that's it.

Filing the BOI report with FinCEN is a crucial step in maintaining transparency and compliance.

Remember to file within 14 days of company formation or when changes occur.

If you have questions or need help with the filing process, schedule a free consultation call with me.

We can talk about your business and reporting needs.

I'm sure I can help you and look forward to speaking with you.

www.jonsbookkeeping.com

Discussion about this video

User's avatar