December 5, 2024: The U.S. District Court for Eastern District of Texas issued a preliminary injunction in Texas Cop Shop Inc., et.al., v. Merrick Garland, Attorney General of the United States, et.al. (Civil Action No. 4:24-CV-478) enjoining the federal government from enforcing the Corporate Transparency Act and its Implementing Regulations. As a result, the need to file a BOI report by the applicable filing deadline has been suspended pending a final ruling.
The FinCEN beneficial ownership information report (BOI) is filed solely at the FinCEN website.
There is no menu or link in TaxSlayer Pro. File a BOI report at the FinCEN website here.
What companies file a BOI?
Effective January 1, 2024, many companies in the United States must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. In general, a beneficial owner is an individual who owns or controls at least 25 percent of a company or has substantial control over the company.
A company may need to report information about its beneficial owners if:
- It is a corporation or limited liability company (LLC), or it 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
- It is a foreign company and was registered to do business in any U.S. state or Indian tribe by filing a document with a secretary of state or any similar office.
Who can file a BOI?
Anyone whom the reporting company authorizes to act on its behalf, such as an employee, owner, or third-party service provider, may file a BOI report on the reporting company’s behalf. Whoever submits a BOI should be prepared to provide basic contact information about themselves, including their name and email address or phone number.
Where is the BOI report filed?
The BOI report is filed solely at the FinCEN website here.
When must the BOI report be filed?
A reporting company created or registered to do business before January 1, 2024, has until January 1, 2025 to file its initial BOI report.
A reporting company created or registered in 2024 has 90 calendar days from the earliest of its actual notice or public notice that the company’s creation or registration is effective to file its initial BOI report.
A reporting company created or registered on or after January 1, 2025, has 30 calendar days from actual or public notice that the company’s creation or registration is effective to file its initial BOI report.
Is any entity exempt from filing a BOI?
There are 23 specific types of entities that are exempt from BOI reporting:
- Accounting firm
- Bank
- Commodity Exchange Act registered entity
- Credit Union
- Depository institution holding company
- Entity assisting a tax-exempt entity
- Financial market utility
- Governmental authority
- Inactive entity
- Insurance company
- Investment company or investment adviser
- Large operating company
- Money services business
- Other Exchange Act registered entity
- Pooled investment vehicle
- Public Utility
- Securities broker or dealer
- Securities exchange or clearing agency
- Securities reporting issuer
- State-licensed insurance producer
- Subsidiary of certain exempt entities
- Tax-exempt entity
- Venture capital fund adviser
Additional Information:
FinCEN: Small Entity Compliance Guide
FinCEN: Help & Resources (quick links)