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FinCen Beneficial Ownership Information (BOI) Report

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.

Is any entity exempt from filing a BOI?

There are 23 specific types of entities that are exempt from BOI reporting:

  1. Accounting firm
  2. Bank
  3. Commodity Exchange Act registered entity
  4. Credit Union
  5. Depository institution holding company
  6. Entity assisting a tax-exempt entity
  7. Financial market utility
  8. Governmental authority
  9. Inactive entity
  10. Insurance company
  11. Investment company or investment adviser
  12. Large operating company
  13. Money services business
  14. Other Exchange Act registered entity
  15. Pooled investment vehicle
  16. Public Utility
  17. Securities broker or dealer
  18. Securities exchange or clearing agency
  19. Securities reporting issuer
  20. State-licensed insurance producer
  21. Subsidiary of certain exempt entities
  22. Tax-exempt entity
  23. Venture capital fund adviser

Additional Information:

FinCEN: Small Entity Compliance Guide

FinCEN: BOI FAQ