Introduction
As U.S. businesses adjust to new federal regulations, many are asking: What is BOI e-Filing? If you’re a business owner, especially of an LLC or corporation, understanding this filing process is essential for staying compliant with the Corporate Transparency Act (CTA).
What Is BOI e-Filing?
BOI e-Filing refers to the electronic submission of Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This process allows reporting companies to securely disclose details about individuals who own or control the business.
The filing must be completed online through FinCEN’s official e-filing portal, which is available at https://www.fincen.gov/boi.
Purpose of BOI e-Filing
BOI e-Filing is part of the Corporate Transparency Act, which aims to:
- Combat money laundering
- Prevent terrorist financing
- Increase transparency in business ownership
- Hold shell companies accountable
The e-filing system ensures efficient and secure data collection for these purposes.
Who Needs to Use BOI e-Filing?
You must complete BOI e-Filing if your business is:
- An LLC
- A corporation
- A limited partnership or other similar entity
formed or registered in the U.S.
Exemptions exist for certain large, regulated, or publicly traded companies.
Information You Must Report
When filing, you must disclose:
- Business name and formation details
- Full legal names of beneficial owners
- Dates of birth
- Residential addresses
- Government-issued ID (e.g., passport or driver’s license)
BOI e-Filing Deadlines
| Entity Formation Date | BOI e-Filing Deadline |
|---|---|
| Before Jan 1, 2024 | File by Jan 1, 2025 |
| Formed in 2024 | File within 90 days |
| Formed in 2025 and later | File within 30 days |
Penalties for Not Filing
Failure to complete BOI e-Filing can lead to:
- $500/day in civil penalties
- Criminal fines up to $10,000
- Imprisonment of up to 2 years
How to File BOI Electronically
- Visit FinCEN’s BOI Filing Page
- Create an account or log in
- Enter required business and ownership information
- Submit the form and retain confirmation for your records
Final Thoughts
What is BOI e-Filing? It’s a mandatory digital process that ensures your business complies with the U.S. Corporate Transparency Act. Filing is free, and the process is relatively simple—if you do it correctly and on time.
