Report FinCEN's Beneficial Ownership Information (BOI) Reporting Requirements By March 21st 2025

CORPORATE TRANSPARENCY ACT

FinCEN BOI Reporting Made Easy

  • Ensure compliance with this new federal mandate?

  • Simple & secure online information collection.

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Put Beneficial Ownership Reporting on Autopilot

Failing to File Could Result in Fines or Imprisonment

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Advisory


The Financial Crimes Enforcement Network, commonly called FinCEN, is an agency of the U.S. Department of Treasury that implements rules to improve transparency and prevent financial crimes.

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Assurance

Under the Corporate Transparency Act, FinCEN published the Reporting Rule Beneficial Ownership Information (BOI), which went back into effect on February 18, 2025.

Integrated Compliance

Approved Business Resource


To avoid serious criminal and civil penalties, For vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025. No matter when your business formed, we can help you determine your deadline and file for you.

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FinCEN Beneficial Ownership Information (BOI) FAQ

FINCEN UPDATE

For the vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.

Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline must file their initial BOI report by that later deadline. For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline.

On January 7, 2025, the U.S. District Court for the Eastern District of Texas issued an order staying FinCEN’s regulations implementing the BOI reporting requirements, precluding FinCEN from requiring BOI reporting or otherwise enforcing the CTA’s requirements. On February 5, 2025, the U.S. Department of Justice—on behalf of Treasury—filed a notice of appeal of the district court’s order and, in parallel, requested a stay of the order during the appeal.

On February 18, 2025, the court agreed to stay its January 7, 2025, order until the appeal is completed. Given this decision, FinCEN’s regulations implementing the BOI reporting requirements of the CTA are no longer stayed. Thus, subject to any applicable court orders, BOI reporting is now mandatory, but FinCEN is providing additional time for companies to report.

Why do companies have to report beneficial ownership information to the U.S. Department of the Treasury?

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

[Issued September 18, 2023]

When Do I Report?

Reports will be accepted starting on January 1, 2024.

If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI.

If your company was created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.

If your company was created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.

Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days. FinCEN cannot accept reports before January 1, 2024.

Who is a beneficial owner of a reporting company?

A reporting company’s beneficial owner is any individual who owns or controls 25% or more of the ownership interests of a reporting company or who directly or indirectly exercises substantial control over the entity.

There are a few things you need to know to help you get start filling your company's BOI report:

There is no fee for submitting your beneficial ownership information report to FinCEN.

There is no annual reporting requirement.

Reporting companies must file an initial BOI report and updated or corrected BOI reports as needed.

Foreach individual who is a beneficial owner, a reporting company will have to provide:

The individual’s name

Date of Birth

Residential address

An identifying number from an acceptable identification document

Passport or U.S. driver’s license

The image of the identification documents

What does “substantial control” over a reporting company mean?

An individual has substantial control if they: 1) Are a senior officer (e.g., CEO, CFO, COO, or other executive level position with a high degree of authority); 2) Have the authority to appoint and remove senior officers and members of the board of directors or other governing body; or 3) Make, direct, or influence the company’s important decisions.

What is considered an ownership interest?

Any individual who owns or controls at least 25% of the ownership interests in a reporting company is considered a beneficial owner.

FinCEN's Reporting Exemption

FinCEN’s list of types of entities are exempt from the BOI reporting requirements.

23 types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.

The following table summarizes the 23 exemptions:

1 Securities reporting issuer

2 Governmental authority

3 Bank

4 Credit union

5 Depository institution holding company

6 Money services business

7 Broker or dealer in securities

8 Securities exchange or clearing agency

9 Other Exchange Act registered entity

10 Investment company or investment adviser

11 Venture capital fund adviser

12 Insurance company

13 State-licensed insurance producer

14 Commodity Exchange Act registered entity

15 Accounting firm16Public utility

17 Financial market utility

18 Pooled investment vehicle

19 Tax-exempt entity

20 Entity assisting a tax-exempt entity

21 Large operating company

22 Subsidiary of certain exempt entities

23 Inactive entity 

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FinCEN BOI Initial Reporting

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1 BOI Report Per Entity EIN/Tax ID Number

Initial BOI Reporting Service

12 Month Digital Compliance Check

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At Integrated, we understand that your BOI report is a crucial step in maintaining successful business compliance. Integrated can file your BOI report for per entity, but the value you receive from Integrated goes beyond a simple transaction. Here’s why we stand out.

Unlike some other online filing companies, with Integrated you can rest assured that your information is safe, private, and never sold.

Your satisfaction is our top priority, so we strive for superior customer service. Our dedicated U.S. team is here to assist you at every step, ensuring that your experience with Integrated is smooth and stress-free. Unlike other filing companies, we won’t put you in a box with chatbots and slow support tickets. If you prefer to speak with a human, one of our dedicated filing experts is here to answer your call.

Integrated is more than a business formation and filing service, and your business is more than a simple transaction. Other companies focus only on the transaction, but we are committed to supporting you throughout the entire lifecycle of your business. From initial business name checks and entity formation to registered agent services, payroll tax registration, and BOI reports, we aim to be your trusted business filing partner.

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We’ve designed our ordering process to be the easiest in the business. Streamlined and user-friendly, our platform allows you to complete the necessary steps with minimal effort, saving you time and ensuring accuracy. And if you ever have questions, our team of U.S. filing experts is here to help you – over the phone, via email, or on chat.

We want to be an extension of your company, consulting you each step of the way.

If you have any questions that we don’t cover below, please feel welcome to contact us today.

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