BOI Filing is now only mandatory for Foreign Companies
Good news: If you're a domestic company, you no longer are required to file your BOI form. However, if you're a foreign company, you must file your BOI form.
What is the Beneficial Ownership Information Form?
The BOI form is a newly introduced requirement under the Corporate Transparency Act, a law aimed at improving transparency in the ownership of companies. The CTA requires certain foreign legal entities, including corporations, limited liability companies (LLCs), and other similar structures, to report information about the individuals who own or control them—referred to as "beneficial owners."
A beneficial owner is generally defined as anyone who:
- Owns or controls at least 25% of the company’s equity
- Has significant influence or control over the company’s operations, finances, or decisions
Who Needs to File?
The filing requirements apply to foreign legal entities registered to do business in the U.S., such as:
- Corporations
- Limited Liability Companies (LLCs)
- Other similar entities created through a state filing
If your company is required to file the form, your deadline to file depends on when your company was created or registered as defined below:
- Before January 1, 2025: April 25th, 2025 (updated 04/03/2025)
- After January 1, 2025: 30 calendar days after creation/registration or April 25th, 2025, whichever is later (updated 04/03/2025)
However, there are certain exemptions, including:
- Large operating companies (with 20+ employees and $5 million in revenue)
- Certain regulated entities like banks and insurance companies
- Charitable organizations
For a complete list of filing requirements and exemptions please visit the FINCen FAQ. If your business doesn't fall under one of the exemptions, you must file the BOI form.
What are the Penalties for Non-Compliance?
Failing to file the BOI form, or providing false or incomplete information, can result in significant penalties. Under the CTA, penalties include:
- Civil penalties: Up to $591 per day for each day the violation continues.
- Criminal penalties: Fines of up to $10,000 and/or imprisonment for up to 2 years for willful violations.
It’s important to stay compliant and file your BOI form in a timely manner to avoid these hefty fines and potential legal consequences.
How EFileForMe.com Can Help
Due to recent changes by FinCEN, U.S. entities are no longer required to report Beneficial Ownership Information (BOI), and API filing has been suspended.
As a result, we are no longer able to file BOI reports on your behalf.
However, if you are a foreign company still required to file, you can submit your BOI report directly through FinCEN's website
Need to file other forms? Sign up today and file your 1099 and 1095 forms in minutes!
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