Are you a business owner or part of an LLC? There’s a critical end-of-year deadline you don’t want to miss.
What is BOIR Filing, and Why It Matters
Under the new Corporate Transparency Act (CTA), most U.S. businesses are required to file a Beneficial Ownership Information Report (BOIR) with the Financial Crimes Enforcement Network (FinCEN) by December 31. Missing this deadline could result in fines of $500 per day—up to $10,000 per entity—and even jail time for repeat offenders. This filing requirement applies to most corporations and LLCs, so if your business hasn’t completed this yet, it’s time to take action.
Hiring a CPA or legal service to complete your BOIR may seem like the easiest option, but with the right guidance, you can do it yourself and save money. Filing your BOIR is simpler than it sounds and can save you hundreds of dollars per entity. Once you gather the necessary information, the first filing takes only about 20 minutes, and additional filings take even less time.
Here’s a quick overview to help you file your BOIR efficiently:
- Gather Required Documentation – Collect driver’s licenses or government-issued IDs for each business owner and beneficiary, along with the EIN for each entity.
- Visit the FinCEN Website – For all filing requirements, check out the official FinCEN site.
- Use the BOIR E-Filing System – Avoid the hassle of paper filing by going directly to the BOIR online filing system.
Below, Dave Lee, co-founder of PlusThis, breaks down the essentials of BOIR filing, offering personal insights and tips to make the process as simple as possible.
Resources You Need to File
Here’s a list of everything you’ll need to complete your BOIR filing:
- Main FinCEN BOIR Filing Site
- BOIR Online E-Filing System
- In-Depth Walkthrough Video by Freedom Tax (this is a video we found super helpful).
And, don’t forget… stay compliant and file your BOIR by December 31 to avoid costly penalties.
