In this article we discuss everything you need to know about BOI report for corporations – BOI report for S corporations and C corporations. Whether you’re at the helm of a bustling corp C or leading an agile corp S, the same core rules apply.
The Corporate Transparency Act (CTA) of 2020 ushered in a new era of transparency for US corporations. A key component of this act is the Beneficial Ownership Information (BOI) reporting requirement, which went into effect on January 1, 2024.
The CTA mandates that most corporations, S-Corp or C-Corp, must comply with BOI reporting requirement. Simply put, if you own or manage a corporation you must file a BOI report for your corporation, with limited exceptions, to comply with BOI reporting requirement.
What is BOI reporting for corporations?
BOI report for corporations is a document that discloses information about the corporation, its company applicants and the identity and certain details of individuals who ultimately own or control a corporation, known as beneficial owners.
The BOI report must disclose information about its company applicants if the corporation was formed on or after January 1, 2024.
A beneficial owner of a corporation is defined as any individual who, directly or indirectly, either:
- Owns or controls at least 25% of the ownership interests of the corporation; or
- Exercises substantial control over the corporation’s management or policies.
A company applicant for BOI report refers to a specific person, or in certain cases, two individuals who have first filed the paperwork to form the corporation.
Basically, the individual who initiated the legal formation for the corporation is the company applicant for BOI reporting purposes. This falls into one of the following:
- Direct filer: If you, as an owner, director, shareholder, executive or manager personally submitted the incorporation documents for the corporation, then you are the company applicant.
- Engaged representative: If you hired someone else to form your corporation such as a lawyer, accountant or other professional, then they are the company applicant. To file the BOI report for your corporation, you can contact the representative to obtain the required information or their FinCEN ID.
The information about company applicants is only required for BOI reports filed for corporations formed or registered after January 1, 2024.
The BOI report for corporations is not a recurring report you need to file every year. Think of it as a one-time snapshot of your corporation’s beneficial ownership at the time of filing.
So, once you’ve submitted your initial BOI report for your corporation, you’re generally good to go, unless you need to correct information or update the information provided.
Changes you need to report are:
- Changes in Beneficial Ownership and Company Information: If the individuals identified as beneficial owners in your initial BOI report experience any changes that trigger reporting (for example, new owners, control person, transferring ownership) or company information changed, you’ll need to file an Updated BOI report within 30 days after the change occurs.
- Corrections: If you discover any errors or inaccuracies in your initial BOI report filing, you need to file a Corrected BOI report within 30 days after discovering the error.
Who needs to file a BOI report for corporations?
All corporations formed or registered to do business in the United States must file a BOI report for corporations, with limited exceptions. Certain exemptions exist for specific entities like publicly traded companies or certain financial institutions.
There are 23 specific categories of corporations that are exempt from filing a BOI report. For a comprehensive list and detailed explanations of the exemptions, please refer to guidance here: Who is Exempt from Filing a BOI Report?
When is BOI report for corporations due?
The deadline to file your initial BOI report depends on when your corporation was formed or registered:
- Before January 1, 2024: You have until January 1, 2025, to file your report.
- In 2024: You have 90 calendar days from receiving notice that your corporation is officially formed or registered.
- On or after January 1, 2025: You have 30 calendar days from receiving notice that your corporation is officially formed or registered.
Do I need to file a BOI report for corporations?
Yes, you need to file a BOI report for corporations if your corporation is not one of the 23 types of exempt entities. Please refer to guidance here: Who is Exempt from Filing a BOI Report?
Not sure if you need to file BOI report for your corporation? Answering a few simple questions will help determine if you need to submit a BOI Report. So, what are you waiting for? Let’s go and find out!
How to file BOI for corporations?
You can file your BOI Report for corporations fast and easy with our secure BOI Report filing interface.
Our BOI reporting tool enables US companies to quickly and accurately generate and file BOI Reports. Three simple steps and you are done. No login or signup required. We interface with FinCEN so you can save time to focus on what matters most – growing your business.
Where to file BOI report for corporations?
You can file your BOI report for corporations online with our BOI Report tool for a fast and easy submission.
The BOI report can also be filed electronically through the government’s website.
Consequences of non-compliance with BOI Reporting for corporations
Failing to file a BOI report for corporations or willfully file an inaccurate BOI report can result in civil and criminal penalties.
Civil penalties include fines of up to $500 for each day that the violation continues.
Criminal penalties include imprisonment for up to two years and/or a fine of up to $10,000.
Potential violations include:
- willfully failing to file a beneficial ownership information report
- willfully filing false beneficial ownership information, or
- willfully failing to correct
Stay informed about BOI Report for Corporations
We don’t only help you file the BOI Report for corporations. We help you stay Informed.
For complete and up-to-date information on BOI reporting requirements and resources, consult our website or file your BOI Report with us.
Remember, accurate and timely filings are key, so keep an eye out for any changes that might trigger an update.
Remember: Corporations, have an ongoing duty to file updated BOI reports to report changes to information provided in earlier reports. If needed, corporations must file corrected BOI reports to correct errors discovered on previously filed BOI reports.
File Your Initial, Updated or Corrected BOI Report with Us. Fast and Easy. Three simple steps and you are done. No login or signup required.
Worry about making a mistake in your BOI Report? Did a typo sneak into your BOI Report? Do not worry, correcting information is easy with our Corrected BOI Reports.
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