Guide to Filing the BOI with FinCEN

The FinCEN Beneficial Ownership Information (BOI) Form is essential for complying with financial transparency regulations in the United States. This form helps prevent fraud and money laundering by providing detailed information about the beneficial owners of a business. Below is a step-by-step guide on how to correctly and efficiently file the BOI Form with FinCEN.

 

The Tax Moves Blog

What to Do After Obtaining Your EIN?

Step 1: Access the FinCEN E-Filing System

To start, visit the www.fincen.gov/boi website. Select the "BOI E-Filing System" option to access the electronic filing system. This system is user-friendly and designed to streamline the process of filing the BOI Form.

What is an Employer Identification Number (EIN)?

Step 2: Choose the Filing Method

For convenience and efficiency, we recommend filing the form online. Within the system, you will have the option to choose between submitting a PDF form or filing directly online. For most users, the online option is the quickest and most convenient. Click "Get Started" to begin the BOI Form filing process.

What is an Employer Identification Number (EIN)?

Step 3: Type of Filin
g

In this section, you need to select the appropriate option based on your specific situation:

  • Initial Report: Choose this if you are filing the BOI Form for the first time.
  • Correcting a Previous Report: Select this option if you need to make corrections to a previously filed form.
  • Updating a Previous Report: Use this option to update information that you have previously submitted.
  • Reporting a Newly Exempt Entity: Select this option if your business has recently been granted an exemption.
What is an Employer Identification Number (EIN)?

Step 4: Company Information

Check box number 3 and enter the legal name of your company. If your business operates under a different trade name (DBA, Doing Business As), you can enter it in field number 6. Ensure the name entered matches official records to avoid rejections or delays in processing the BOI Form.

What is an Employer Identification Number (EIN)?

Step 5: Tax Information and Address

At this stage, you will need to enter your tax identification number, whether EIN (Employer Identification Number) or SSN (Social Security Number), followed by your business address. It is crucial that this information is accurate and up-to-date to comply with FinCEN's financial transparency regulations.

What is an Employer Identification Number (EIN)?

Step 6: Company’s Founding Date

The required information will vary based on your company’s founding date:

 

  • Founded before January 1, 2024: Check box 16, which will hide part of the form.
  • Founded after January 1, 2024: Complete the information with the founding date and the residential address of the beneficial owners.
What is an Employer Identification Number (EIN)?

Step 7: Personal Information

  • In this section, enter your personal information and select the type of document you will use to verify your identity, such as your driver’s license or passport. It is essential to upload the document in high resolution. If there are multiple owners, you can add the necessary information for all beneficial owners.
What is an Employer Identification Number (EIN)?

Step 8: Review and Sign

Carefully review all the information you have entered to ensure it is correct and complete. Once verified, sign with your details to submit the form. The system will generate a PDF that you can save for your records. This step is essential to confirm that you have met the filing requirements for the BOI Form.

What is an Employer Identification Number (EIN)?

The best strategy to succeed in filing the FinCEN BOI Form is to plan ahead. Do not improvise; save this information, and if you still have questions, we are here to help. Contact us for assistance to ensure your business complies with all financial transparency regulations.

What is an Employer Identification Number (EIN)?

You May Also Like

Referral vs Success Fee—SBA Broker Compensation

Structure SBA broker fees as referral or success-based compensation. Practical framework for 7(a) and 504 deals, lender overlays, and compensation timing.

DR-15 Pasco County: Step-by-step guide | Outsourcing

DR-15 filing in Pasco County, FL: state & county surtax structure, step-by-step process, and common mistakes to avoid for Wesley Chapel and New Port Richey

Broker Fee Disputes in SBA Lending | Avoid Them

Learn how SBA broker fee disputes arise and the exact documentation and disclosure practices that prevent them. Practical checklist for loan officers.

Form 1096 Cover Sheet | Don’t Forget to File | OutsourcingProcessing

Form 1096 is the required cover form for 1099 filings. Learn what it is, why you need it, and how to file correctly with this complete guide.

Disclose Broker Fees Without Slowing | Outsourcing Processing

Time broker fee disclosure without underwriter delay. Proper SBA loan closing timing and form requirements keep deals on track.

February Report Before March 15 | OutsourcingProcessing

Prepare your February sales tax report before March 15. Learn the DR-15 filing process and common mistakes Florida small-business owners make.

12 vs 24 Months 1099s Qualifying Income | Outsourcing Processing

High-LTV 1099 files hinge on which lookback period your investor requires. Compare 12 vs 24-month documentation and calculation methods to qualify borrowers

Outsource Bookkeeping vs Hire Bookkeeper | OutsourcingProcessing

Compare outsourced bookkeeping to hiring staff. Explore costs, tradeoffs, and workflow integration to scale your back office efficiently.

Tax Season Prep Checklist for CPA Firms | OutsourcingProcessing

A practical tax season prep checklist for CPA firms managing Florida small-business clients. Organize data, verify compliance, reduce errors.

Asset Depletion & Qualifying Income | Outsourcing Processing

How asset depletion converts savings and non-liquid assets into qualifying monthly income for high-LTV Non-QM borrowers seeking mortgage approval.