Accurate, Simple, & Secure Online BOI
Filing Solution for you and
your Clients

Generally, the following companies are required to complete BOI reporting:

• Domestic Entities - Any domestic business that operates under U.S. tax laws. This includes corporations, LLCs, limited partnerships, and limited liability partnerships (LLPs).
• Foreign Entities - Any entities that are established outside the United States and conduct business in the U.S.

According to FinCEN, any individual or a group of individuals who has substantial control over the reported company or has at least 25% of the ownership interests of the reported company directly or indirectly. Click here to know more about the beneficial owner(s) of a company.

A company applicant can be an individual who directly files the document that registers the company or the individual who is primarily responsible for the filing (when more than one individual). Click here to know more about the company applicant for a company.

There are 23 types of entities that are exempt from BOI reporting. Here are they,

Primarily, you’ll need the following information to complete your BOI report

• Reporting company details such as Name, EIN, Address, etc.
• Type of the report (Initial, Update, Correct or Newly Exempt Entity)
• Information about the Beneficial Owners (Name, Date of Birth, Address and Identity Proof)
• Details of the Company Applicant(s) (Name, Date of Birth, Address and Identity Proof)

Visit https://www.taxbandits.com/fincen-boi/boi-instructions/ to learn more about BOI filing Instructions.

According to the FinCEN rule specified in the Corporate Transparency Act, anyone who fails to comply with the BOI reporting requirements will be subjected to civil penalties of up to $500/day. Furthermore, there can be criminal penalties of up to two years imprisonment and a fine amount of up to $10,000.