Step-by-Step Guide to LLC BOI Reporting: Avoiding the $591 Per Day Penalty
Introduction and Overview of LLC Form Requirement
The Corporate Transparency Act (CTA) has introduced a new reporting requirement for many businesses in the United States, including Limited Liability Companies (LLCs). As of January 1, 2024, most LLCs are required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). This new requirement aims to enhance transparency and combat illicit activities such as money laundering and tax evasion.
The BOI report is a crucial document that discloses information about the individuals who ultimately own or control the company. Failure to comply with this requirement can result in significant penalties, including fines of up to $591 per day [11]. Therefore, it's essential for LLC owners and managers to understand the reporting process and ensure timely compliance.
‍
Importance of the Beneficial Ownership Information Form
The BOI report is a critical component of the U.S. government's efforts to increase corporate transparency and prevent financial crimes. By requiring companies to disclose their beneficial owners, FinCEN aims to:
1. Combat money laundering and terrorist financing
2. Prevent tax evasion and other financial crimes
3. Enhance the integrity of the U.S. financial system
4. Align with international standards for corporate transparency
For LLCs, completing the BOI report accurately and on time is not just a legal obligation but also a demonstration of commitment to transparency and ethical business practices.
‍
Explanation of the Penalties
The consequences of non-compliance with BOI reporting requirements are severe. As of January 25, 2024, the penalties have been adjusted for inflation [12]. The current penalties include:
1. Civil Penalties: A fine of up to $591 per day for each day the violation continues[11].
2. Criminal Penalties: For willful violations, including failure to file, providing false information, or failing to update previously reported information, penalties can include:
   - Up to two years of imprisonment
   - A fine of up to $10,000[11]
These penalties underscore the importance of timely and accurate reporting. The financial burden of non-compliance can quickly accumulate, potentially threatening the financial stability of small businesses.
‍
How to Determine if Your LLC Needs to File
Q: "I've heard about this new BOI reporting requirement, but I'm not sure if it applies to my LLC. How can I determine if I need to file, and what's the deadline?"
A: The BOI reporting requirement applies to most LLCs, corporations, and other entities created by filing with a secretary of state or similar office. However, there are 23 types of entities exempt from this requirement [7].
‍
To determine if your LLC needs to file:
1. Check if you fall under any of the exemptions listed by FinCEN. Common exemptions include large operating companies, certain financial institutions, and tax-exempt entities.
2. If you're not exempt, you'll need to file a BOI report.
‍
The deadline for filing depends on when your LLC was formed:
- For LLCs created before January 1, 2024: The deadline is January 1, 2025 [9].
- For LLCs created between January 1, 2024, and January 1, 2025: You have 90 calendar days from the date of formation to file [9].
- For LLCs created after January 1, 2025: You'll have 30 calendar days from the date of formation to file[9].
‍
Warning about Scams
It's crucial to be aware of potential scams related to BOI reporting. FinCEN has issued alerts about fraudulent attempts to solicit information from individuals and entities subject to reporting requirements [1]. Be cautious of:
1. Correspondence requesting payment for filing BOI reports (FinCEN does not charge a fee)
2. Emails or letters asking you to click on URLs or scan QR codes
3. References to non-existent forms like "Form 4022" or entities like "US Business Regulations Dept."
Always verify information directly through official FinCEN channels and be wary of unsolicited communications regarding BOI reporting.
‍
How to Access the Form
To access the BOI report form:
1. Visit FinCEN's BOI E-Filing website at https://boiefiling.fincen.gov[9].
2. Select "File BOIR" to access the reporting form [9].
The form is available electronically, and FinCEN encourages online filing for efficiency and accuracy.
‍
Filling Out the Form: Initial Report
When completing your initial BOI report, you'll need to provide information about:
1. The Reporting Company (your LLC):
   - Legal name
   - Any trade names or "doing business as" (DBA) names
   - Current street address of the principal place of business
   - Jurisdiction of formation
   - Taxpayer Identification Number (TIN) [5]
2. Beneficial Owners:
   - Full legal name
   - Date of birth
   - Residential address
   - Unique identifying number from an acceptable identification document
   - Image of the identification document [5]
3. Company Applicants (for LLCs formed after January 1, 2024):
   - Similar personal information as required for beneficial owners [5]
‍
Registering the LLC and Obtaining a FinCEN ID
Before filing your BOI report, ensure your LLC is properly registered with the appropriate state authority. Once registered, you can simplify future filings by obtaining a FinCEN Identifier:
1. Go to https://fincenid.fincen.gov/ [4]
2. Apply for a FinCEN Identifier by providing the required personal information
3. Use this identifier in future BOI reports instead of repeatedly entering personal details [7]
‍
Step-by-Step Guide to Completing the Form
‍
1.Preparation for Filing
The web filing must be completed and submitted in real time, so you must have the information below available before you begin. It cannot be saved and worked on later.
1.1 Gather required information.
Have the required identifying information (or FinCEN ID) available for beneficial owners and company applicants (if applicable). Collect the required information from each of the beneficial owners and company applicants (if applicable): Name Unique identifying number
1.2 Confirm documentation requirementsUnless you are providing a FinCEN ID, obtain an electronic image of the acceptable identification document required for each company applicant and beneficial owner. An acceptable identification document is a non expired:• State-issued driver’s license; • State/local/tribe-issued ID; • U.S. passport; or • Foreign passport
NOTE: A foreign passport is only acceptable if the individual does not have one of the other identifying documents. The image must be a complete, clear, and readable image of the page or side of the identifying document containing the unique identifying number, and other identifying data. The supported formats are:
• JPG/JPEG
• PNG
• PDF
The maximum file size for each image is 4 MB.
2. Accessing the BOIR E-Filing System
The BOIR can be submitted as a PDF or online through a web browser. To file the online BOIR, follow the steps outlined below.
‍
2.1Â Access the filing portal.
Go to boiefiling.fincen. gov in the web browser (e.g., Microsoft Edge or Google Chrome).
2.2 Start the filing process.
Select the File BOIR link/icon.
2.3 Select File Online BOIR as the filing method.
Click the Prepare & Submit BOIR button under File Online BOIR section.
‍
3. Filling Out the Form
3.1 Review the warning language. Review the warning language and click the I Agree button
The selected tab is highlighted in blue. Navigate to a different part of the online BOIR either by clicking the corresponding tab or by clicking the Next button in the bottom right corner
3.2 Use tabs to navigate the online BOIR.
• Filing Information
• Reporting Company
• Company Applicant(s)
• Beneficial Owner(s)
• Submit
3.3 Complete the Filing Information tab.
Complete all required red asterisk (*) fields under the Filing Information tab.
3.3a *Type of Filing
Under the Filing Information tab, select the type of filing you wish to make. Only one option can be selected:
• Initial report
• Correct prior report
• Update prior report
• Newly exempt entity
When Initial Report is selected, no further information is required in this section.
When Correct Prior Report, Update Prior Report, or Newly Exempt Entity is selected, fields are activated for Legal Name, Tax identification type, and Tax identification number. Complete these fields with the reporting company information from the company’s most recently filed prior BOIR.
3.3b Date Prepared
The Date Prepared field is automatically filled with the current date.
3.3c Next Button
Click the Next button
‍3.4 Complete the Reporting Company tab (1 of 3).Complete all required red asterisk (*) fields under the Reporting Company tab.3.4a Request to Receive FinCEN ID Select Request to receive FinCEN ID to receive a unique FinCEN identifier for the reporting company. The FinCEN identifier will be provided in the submission confirmation details provided to the filer directly after the BOIR is submitted/accepted. 3.4b Foreign Pooled Investment Vehicle Select the Foreign pooled investment vehicle option if the reporting company is a foreign pooled investment vehicle. If this option is selected, Company Applicant Information is no longer required and is cleared/disabled. In addition, only one (1) beneficial owner must be reported under the Beneficial Owner(s) tab in this situation.
3.4c *Name and Alternate Name(s)
Complete the fields under the Legal name and alternate name(s) section as applicable.
3.4d Add Alternate Name
To add more than one alternate name for the reporting company, click the Add Alternate Name button to add additional alternate reporting company names. Up to 99 alternate names can be added
3.4e *Tax Identification Type
Select the Tax identification type dropdown menu. EIN, SSN/ITIN, or Foreign may be selected. If the Foreign option is selected, the County/Jurisdiction field is enabled and required.
NOTE: An EIN or SSN/ITIN is required unless a foreign reporting company does not have one. In that case, the foreign reporting company may report its foreign tax identification number and the issuing jurisdiction.Â
3.4f *Jurisdiction of Formation or First Registration
Select the Country/Jurisdiction of formation dropdown menu
If:
then:
United States is selected
State of formation and Tribal jurisdiction of formation fields appear. One of these fields must be completed.
a U.S. Territory is selected
State of formation field appears and is automatically populated with that U.S. Territory
a foreign country is selected
State of first registration and Tribal jurisdiction of first registration fields appear. One of these fields must be completed
3.4g *Current U.S. Address
Complete all fields under the Current U.S. address section. Select U.S. or U.S. Territory from this dropdown menu. If United States is selected, the State dropdown must be completed. If U.S. Territory is selected, the State field is automatically populated with that U.S. Territory
3.4h Next Button
Click the Next button.
3.5 Complete the Company Applicant(s) tab (1 of 4).
Complete all required red asterisk (*) fields under the Company Applicant(s) tab
3.5a Existing Reporting Company
Select the Existing reporting company checkbox if the reporting company was created or registered before January 1, 2024
NOTE: When Existing reporting company is selected, Company Applicant Information is no longer required, and the fields under this tab are cleared and disabled.
3.5b Company Applicant FinCEN ID
If the company applicant has a 12-digit FinCEN ID, enter it in the FinCEN ID field. After a valid FinCEN ID has been entered, all remaining fields for the company applicant will be cleared and disabled
3.5c *Legal Name, Date of Birth and Current Address
If you do not enter a FinCEN ID, enter the company applicant’s information in the Legal name and date of birth and Current address sections.
NOTE: For a company applicant who forms or registers entities in the course of their business, report the street address of such business. Report the residential address of other company applicants.Â
3.5d *Form of Identification and Issuing Jurisdiction
If you do not enter a FinCEN ID for a company applicant, enter the company applicant’s information under the Form of identification and issuing jurisdiction section
3.5e *Identifying Document Image
If you do not enter a FinCEN ID for a company applicant, attach an image of an acceptable identifying document for the company applicant.
Identifying document image guidelines:
• The image must be a complete, clear and readable image of the page or side of the identifying document containing the unique identifying number and other identifying data. Only one file must be attached.
• Supported formats are JPG/JPEG, PNG, and PDF.
• Maximum file size: 4MB
3.5f Next Button
Click the Next button
3.5g Add Company Applicant
After providing the required information for a company applicant, click the Add Company Applicant button to add an additional company applicant if required.
An additional company applicant section (i.e., Company Applicant #2) will be added under the first company applicant section (i.e., Company Applicant #1). Click the Remove company applicant button to remove a company applicant
NOTE: Reporting companies may be required to report up to two company applicants.
3.6 Complete the Beneficial Owner(s) tab (1 of 3)
Complete all required red asterisk (*) fields under the Beneficial Owner(s) tab
3.6a Beneficial Owner FinCEN ID
If applicable, enter the 12-digit FinCEN ID of the beneficial owner. After a valid FinCEN ID has been entered, the Parent/Guardian information instead of minor child checkbox will remain available to select. All other fields in the Beneficial Owner(s) tab will be cleared and disabled
NOTE: Refer to the Small Entity Compliance Guide at fincen.gov/boi for additional information for special reporting situations
3.6b *Name, Date of Birth and Current Address
If you do not enter a FinCEN ID for a beneficial owner, enter the beneficial owner’s information in the Legal name and date of birth and Residential address sections.
3.6c *Form of Identification and Issuing Jurisdiction
If you do not enter a FinCEN ID for a beneficial owner, enter information about the beneficial owner’s identification document under the Form of identification and issuing jurisdiction section
3.6d *Identifying Document Image
Attach an image of an acceptable identifying document for the beneficial owner. See 2.2 Confirm documentation requirements for a list of acceptable identifying documents
Identifying document image guidelines:
• The image must be a complete, clear and readable image of the page or side of the identifying document containing the unique identifying number and other identifying data. Only one file must be attached.
• Supported formats are JPG/JPEG, PNG, and PDF.
• Maximum file size: 4MB
3.6e Next Button
Click the Next button
3.6g Add Beneficial Owner
After providing the required information for a beneficial owner, click the Add Beneficial Owner button to add additional beneficial owners as needed
NOTE: There is no limit to the number of beneficial owners that may be reported. However, the BOIR limits the number of beneficial owners to 99
4. Review and Submission
4.1 Review the form
4.1a *Form Authorization
Under the Submit tab, complete all required red asterisk (*) fields
4.1b *Certifications
Select the I agree checkbox indicating that you certify that all information is true, correct and complete.
Agreeing to the certification will validate all fields. The system will display an error message if any required fields are missing, or these fields contain invalid entries.
The I agree checkbox will remain unselected, and you will have to correct the displayed errors before selecting I agree again
4.2a *Human Verification
Before submitting the BOIR, you must select the hCaptcha checkbox labeled I am human. When prompted, select the appropriate images to verify you are not a robot.
4.2b Submit BOIR Button
Click the Submit
BOIR button
5. After Submission
‍‍
5.1 Wait for submission processing to complete.
Once you have submitted the BOIR, do not close the submission page! The BOI E-Filing System will display a progress bar and Submission Tracking ID. Copy the Submission Tracking ID for your records, then wait for the progress bar to fill completely.
After the submission is processed successfully, you will see the Submission Status Confirmation page.
Your submission has not been processed until you see this confirmation.
5.2 Download transcript.
Select the Download Transcript button to download a PDF copy of the transcript which includes a copy of the confirmation page details and the report data in transcript format.
This transcript serves as a receipt of your submission.
‍
Meet
Brad Morgan
Hi there! 👋🏼 I'm Brad, a former Procter & Gamble employee turned financial advisor. With a focus on tax planning, I've been a trusted advisor for the P&G community for over ten years.
Disclosure: Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy. It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.Â
Savvy Wealth Inc. is a technology company. Savvy Advisors, Inc. is an SEC registered investment advisor. For purposes of this article, Savvy Wealth and Savvy Advisors together are referred to as “Savvy”. All advisory services are offered through Savvy Advisors, while technology is offered through Savvy Wealth. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors.
Step-by-Step Guide to LLC BOI Reporting: Avoiding the $591 Per Day Penalty
Introduction and Overview of LLC Form Requirement
The Corporate Transparency Act (CTA) has introduced a new reporting requirement for many businesses in the United States, including Limited Liability Companies (LLCs). As of January 1, 2024, most LLCs are required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). This new requirement aims to enhance transparency and combat illicit activities such as money laundering and tax evasion.
The BOI report is a crucial document that discloses information about the individuals who ultimately own or control the company. Failure to comply with this requirement can result in significant penalties, including fines of up to $591 per day [11]. Therefore, it's essential for LLC owners and managers to understand the reporting process and ensure timely compliance.
‍
Importance of the Beneficial Ownership Information Form
The BOI report is a critical component of the U.S. government's efforts to increase corporate transparency and prevent financial crimes. By requiring companies to disclose their beneficial owners, FinCEN aims to:
1. Combat money laundering and terrorist financing
2. Prevent tax evasion and other financial crimes
3. Enhance the integrity of the U.S. financial system
4. Align with international standards for corporate transparency
For LLCs, completing the BOI report accurately and on time is not just a legal obligation but also a demonstration of commitment to transparency and ethical business practices.
‍
Explanation of the Penalties
The consequences of non-compliance with BOI reporting requirements are severe. As of January 25, 2024, the penalties have been adjusted for inflation [12]. The current penalties include:
1. Civil Penalties: A fine of up to $591 per day for each day the violation continues[11].
2. Criminal Penalties: For willful violations, including failure to file, providing false information, or failing to update previously reported information, penalties can include:
   - Up to two years of imprisonment
   - A fine of up to $10,000[11]
These penalties underscore the importance of timely and accurate reporting. The financial burden of non-compliance can quickly accumulate, potentially threatening the financial stability of small businesses.
‍
How to Determine if Your LLC Needs to File
Q: "I've heard about this new BOI reporting requirement, but I'm not sure if it applies to my LLC. How can I determine if I need to file, and what's the deadline?"
A: The BOI reporting requirement applies to most LLCs, corporations, and other entities created by filing with a secretary of state or similar office. However, there are 23 types of entities exempt from this requirement [7].
‍
To determine if your LLC needs to file:
1. Check if you fall under any of the exemptions listed by FinCEN. Common exemptions include large operating companies, certain financial institutions, and tax-exempt entities.
2. If you're not exempt, you'll need to file a BOI report.
‍
The deadline for filing depends on when your LLC was formed:
- For LLCs created before January 1, 2024: The deadline is January 1, 2025 [9].
- For LLCs created between January 1, 2024, and January 1, 2025: You have 90 calendar days from the date of formation to file [9].
- For LLCs created after January 1, 2025: You'll have 30 calendar days from the date of formation to file[9].
‍
Warning about Scams
It's crucial to be aware of potential scams related to BOI reporting. FinCEN has issued alerts about fraudulent attempts to solicit information from individuals and entities subject to reporting requirements [1]. Be cautious of:
1. Correspondence requesting payment for filing BOI reports (FinCEN does not charge a fee)
2. Emails or letters asking you to click on URLs or scan QR codes
3. References to non-existent forms like "Form 4022" or entities like "US Business Regulations Dept."
Always verify information directly through official FinCEN channels and be wary of unsolicited communications regarding BOI reporting.
‍
How to Access the Form
To access the BOI report form:
1. Visit FinCEN's BOI E-Filing website at https://boiefiling.fincen.gov[9].
2. Select "File BOIR" to access the reporting form [9].
The form is available electronically, and FinCEN encourages online filing for efficiency and accuracy.
‍
Filling Out the Form: Initial Report
When completing your initial BOI report, you'll need to provide information about:
1. The Reporting Company (your LLC):
   - Legal name
   - Any trade names or "doing business as" (DBA) names
   - Current street address of the principal place of business
   - Jurisdiction of formation
   - Taxpayer Identification Number (TIN) [5]
2. Beneficial Owners:
   - Full legal name
   - Date of birth
   - Residential address
   - Unique identifying number from an acceptable identification document
   - Image of the identification document [5]
3. Company Applicants (for LLCs formed after January 1, 2024):
   - Similar personal information as required for beneficial owners [5]
‍
Registering the LLC and Obtaining a FinCEN ID
Before filing your BOI report, ensure your LLC is properly registered with the appropriate state authority. Once registered, you can simplify future filings by obtaining a FinCEN Identifier:
1. Go to https://fincenid.fincen.gov/ [4]
2. Apply for a FinCEN Identifier by providing the required personal information
3. Use this identifier in future BOI reports instead of repeatedly entering personal details [7]
‍
Step-by-Step Guide to Completing the Form
‍
1.Preparation for Filing
The web filing must be completed and submitted in real time, so you must have the information below available before you begin. It cannot be saved and worked on later.
1.1 Gather required information.
Have the required identifying information (or FinCEN ID) available for beneficial owners and company applicants (if applicable). Collect the required information from each of the beneficial owners and company applicants (if applicable): Name Unique identifying number
1.2 Confirm documentation requirementsUnless you are providing a FinCEN ID, obtain an electronic image of the acceptable identification document required for each company applicant and beneficial owner. An acceptable identification document is a non expired:• State-issued driver’s license; • State/local/tribe-issued ID; • U.S. passport; or • Foreign passport
NOTE: A foreign passport is only acceptable if the individual does not have one of the other identifying documents. The image must be a complete, clear, and readable image of the page or side of the identifying document containing the unique identifying number, and other identifying data. The supported formats are:
• JPG/JPEG
• PNG
• PDF
The maximum file size for each image is 4 MB.
2. Accessing the BOIR E-Filing System
The BOIR can be submitted as a PDF or online through a web browser. To file the online BOIR, follow the steps outlined below.
‍
2.1Â Access the filing portal.
Go to boiefiling.fincen. gov in the web browser (e.g., Microsoft Edge or Google Chrome).
2.2 Start the filing process.
Select the File BOIR link/icon.
2.3 Select File Online BOIR as the filing method.
Click the Prepare & Submit BOIR button under File Online BOIR section.
‍
3. Filling Out the Form
3.1 Review the warning language. Review the warning language and click the I Agree button
The selected tab is highlighted in blue. Navigate to a different part of the online BOIR either by clicking the corresponding tab or by clicking the Next button in the bottom right corner
3.2 Use tabs to navigate the online BOIR.
• Filing Information
• Reporting Company
• Company Applicant(s)
• Beneficial Owner(s)
• Submit
3.3 Complete the Filing Information tab.
Complete all required red asterisk (*) fields under the Filing Information tab.
3.3a *Type of Filing
Under the Filing Information tab, select the type of filing you wish to make. Only one option can be selected:
• Initial report
• Correct prior report
• Update prior report
• Newly exempt entity
When Initial Report is selected, no further information is required in this section.
When Correct Prior Report, Update Prior Report, or Newly Exempt Entity is selected, fields are activated for Legal Name, Tax identification type, and Tax identification number. Complete these fields with the reporting company information from the company’s most recently filed prior BOIR.
3.3b Date Prepared
The Date Prepared field is automatically filled with the current date.
3.3c Next Button
Click the Next button
‍3.4 Complete the Reporting Company tab (1 of 3).Complete all required red asterisk (*) fields under the Reporting Company tab.3.4a Request to Receive FinCEN ID Select Request to receive FinCEN ID to receive a unique FinCEN identifier for the reporting company. The FinCEN identifier will be provided in the submission confirmation details provided to the filer directly after the BOIR is submitted/accepted. 3.4b Foreign Pooled Investment Vehicle Select the Foreign pooled investment vehicle option if the reporting company is a foreign pooled investment vehicle. If this option is selected, Company Applicant Information is no longer required and is cleared/disabled. In addition, only one (1) beneficial owner must be reported under the Beneficial Owner(s) tab in this situation.
3.4c *Name and Alternate Name(s)
Complete the fields under the Legal name and alternate name(s) section as applicable.
3.4d Add Alternate Name
To add more than one alternate name for the reporting company, click the Add Alternate Name button to add additional alternate reporting company names. Up to 99 alternate names can be added
3.4e *Tax Identification Type
Select the Tax identification type dropdown menu. EIN, SSN/ITIN, or Foreign may be selected. If the Foreign option is selected, the County/Jurisdiction field is enabled and required.
NOTE: An EIN or SSN/ITIN is required unless a foreign reporting company does not have one. In that case, the foreign reporting company may report its foreign tax identification number and the issuing jurisdiction.Â
3.4f *Jurisdiction of Formation or First Registration
Select the Country/Jurisdiction of formation dropdown menu
If:
then:
United States is selected
State of formation and Tribal jurisdiction of formation fields appear. One of these fields must be completed.
a U.S. Territory is selected
State of formation field appears and is automatically populated with that U.S. Territory
a foreign country is selected
State of first registration and Tribal jurisdiction of first registration fields appear. One of these fields must be completed
3.4g *Current U.S. Address
Complete all fields under the Current U.S. address section. Select U.S. or U.S. Territory from this dropdown menu. If United States is selected, the State dropdown must be completed. If U.S. Territory is selected, the State field is automatically populated with that U.S. Territory
3.4h Next Button
Click the Next button.
3.5 Complete the Company Applicant(s) tab (1 of 4).
Complete all required red asterisk (*) fields under the Company Applicant(s) tab
3.5a Existing Reporting Company
Select the Existing reporting company checkbox if the reporting company was created or registered before January 1, 2024
NOTE: When Existing reporting company is selected, Company Applicant Information is no longer required, and the fields under this tab are cleared and disabled.
3.5b Company Applicant FinCEN ID
If the company applicant has a 12-digit FinCEN ID, enter it in the FinCEN ID field. After a valid FinCEN ID has been entered, all remaining fields for the company applicant will be cleared and disabled
3.5c *Legal Name, Date of Birth and Current Address
If you do not enter a FinCEN ID, enter the company applicant’s information in the Legal name and date of birth and Current address sections.
NOTE: For a company applicant who forms or registers entities in the course of their business, report the street address of such business. Report the residential address of other company applicants.Â
3.5d *Form of Identification and Issuing Jurisdiction
If you do not enter a FinCEN ID for a company applicant, enter the company applicant’s information under the Form of identification and issuing jurisdiction section
3.5e *Identifying Document Image
If you do not enter a FinCEN ID for a company applicant, attach an image of an acceptable identifying document for the company applicant.
Identifying document image guidelines:
• The image must be a complete, clear and readable image of the page or side of the identifying document containing the unique identifying number and other identifying data. Only one file must be attached.
• Supported formats are JPG/JPEG, PNG, and PDF.
• Maximum file size: 4MB
3.5f Next Button
Click the Next button
3.5g Add Company Applicant
After providing the required information for a company applicant, click the Add Company Applicant button to add an additional company applicant if required.
An additional company applicant section (i.e., Company Applicant #2) will be added under the first company applicant section (i.e., Company Applicant #1). Click the Remove company applicant button to remove a company applicant
NOTE: Reporting companies may be required to report up to two company applicants.
3.6 Complete the Beneficial Owner(s) tab (1 of 3)
Complete all required red asterisk (*) fields under the Beneficial Owner(s) tab
3.6a Beneficial Owner FinCEN ID
If applicable, enter the 12-digit FinCEN ID of the beneficial owner. After a valid FinCEN ID has been entered, the Parent/Guardian information instead of minor child checkbox will remain available to select. All other fields in the Beneficial Owner(s) tab will be cleared and disabled
NOTE: Refer to the Small Entity Compliance Guide at fincen.gov/boi for additional information for special reporting situations
3.6b *Name, Date of Birth and Current Address
If you do not enter a FinCEN ID for a beneficial owner, enter the beneficial owner’s information in the Legal name and date of birth and Residential address sections.
3.6c *Form of Identification and Issuing Jurisdiction
If you do not enter a FinCEN ID for a beneficial owner, enter information about the beneficial owner’s identification document under the Form of identification and issuing jurisdiction section
3.6d *Identifying Document Image
Attach an image of an acceptable identifying document for the beneficial owner. See 2.2 Confirm documentation requirements for a list of acceptable identifying documents
Identifying document image guidelines:
• The image must be a complete, clear and readable image of the page or side of the identifying document containing the unique identifying number and other identifying data. Only one file must be attached.
• Supported formats are JPG/JPEG, PNG, and PDF.
• Maximum file size: 4MB
3.6e Next Button
Click the Next button
3.6g Add Beneficial Owner
After providing the required information for a beneficial owner, click the Add Beneficial Owner button to add additional beneficial owners as needed
NOTE: There is no limit to the number of beneficial owners that may be reported. However, the BOIR limits the number of beneficial owners to 99
4. Review and Submission
4.1 Review the form
4.1a *Form Authorization
Under the Submit tab, complete all required red asterisk (*) fields
4.1b *Certifications
Select the I agree checkbox indicating that you certify that all information is true, correct and complete.
Agreeing to the certification will validate all fields. The system will display an error message if any required fields are missing, or these fields contain invalid entries.
The I agree checkbox will remain unselected, and you will have to correct the displayed errors before selecting I agree again
4.2a *Human Verification
Before submitting the BOIR, you must select the hCaptcha checkbox labeled I am human. When prompted, select the appropriate images to verify you are not a robot.
4.2b Submit BOIR Button
Click the Submit
BOIR button
5. After Submission
‍‍
5.1 Wait for submission processing to complete.
Once you have submitted the BOIR, do not close the submission page! The BOI E-Filing System will display a progress bar and Submission Tracking ID. Copy the Submission Tracking ID for your records, then wait for the progress bar to fill completely.
After the submission is processed successfully, you will see the Submission Status Confirmation page.
Your submission has not been processed until you see this confirmation.
5.2 Download transcript.
Select the Download Transcript button to download a PDF copy of the transcript which includes a copy of the confirmation page details and the report data in transcript format.
This transcript serves as a receipt of your submission.
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Meet
Brad Morgan
Hi there! 👋🏼 I'm Brad, a former Procter & Gamble employee turned financial advisor. With a focus on tax planning, I've been a trusted advisor for the P&G community for over ten years.
Disclosure: Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy. It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.Â
Savvy Wealth Inc. is a technology company. Savvy Advisors, Inc. is an SEC registered investment advisor. For purposes of this article, Savvy Wealth and Savvy Advisors together are referred to as “Savvy”. All advisory services are offered through Savvy Advisors, while technology is offered through Savvy Wealth. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors.
