Information to Be Provided in the BOI Report: Things

You Should Know

Are you aware of the BOI reporting requirements? When you file the BOI report, you should be
familiar with some essential requirements to complete your filing process without any hurdles. In
this guide, we'll explain what you need to know for the reporting process and how it should be
done.

BOI report:

The Beneficial Ownership Information Report, or BOIR, is a complete report that provides
information regarding a company's ownership structure and significant control over a reporting
company. To complete the BOI report, you should give some notable information such as full
legal name, date of birth, and personal information of the beneficial owner, company applicant
details, and reporting company details.

Who needs to file the BOI report?

According to FinCEN, the reporting companies should file Beneficial Ownership Information
Report. The reporting companies can be classified into two categories:

● Domestic Reporting companies are companies established under U.S. tax laws,
including LLCs, Corporations, and partnerships.
● Foreign reporting companies are established outside the U.S. but carry on their
business or trade within the U.S.

Information to Include in the Beneficial Ownership Information Report:

The following major elements that needs to be included in the BOI report are:

Reporting Company: When your company files the BOI report for the first time, the following
essential information needs to be provided:

● Legal name
● Trade name or Doing Business As (DBA) or Trading As (TA)
● Complete current address
● State, Tribal, or foreign jurisdiction of formation
● Taxpayer Identification Number (TIN), which includes Employer Identification Number
(EIN)

Company Applicant: The company applicant is an individual who is primarily responsible for
filing the papers to register the reporting company. When you file the details of the company
applicant, the following information needs to be provided:

● Full legal name

● Date of birth
● Address (the person registering your company must provide either the business street
address or their residential address)
● Unique identifying number
 ● Acceptable documentation images include a state driver's license or U.S. passport.

Beneficial Owner: The beneficial owner is an individual or entity who exercises substantial
control over a reporting company or owns or controls a 25% ownership interest in a reporting
company. The following information needs to be provided when you file the beneficial owner's
details in the BOI report:

● Full legal name

● Date of birth
● Residential address
● Unique identifying number
● Acceptable identification document image

Acceptable Identification Document:

The acceptable identification documents include

● A valid U.S. driver’s license

● An identification document from a Secretary of State or a similar office
● A legal passport from the U.S. government
● A valid passport from a foreign government (if the individual does not possess one of the
other three forms of identification listed above)

What is the FinCEN Identifier?

The FinCEN identifier is a unique identifying number issued by the FinCEN. Once you report all
the essential information, FinCEN will immediately provide the FinCEN ID. If the company
applicant has already obtained the FinCEN ID, they can provide it instead of reporting their
personal information.

Deadline for Submitting the BOI Report:

● Companies created or established before January 1, 2024, should submit the BOI report
by January 1, 2025.
● Companies formed or registered on or after January 1, 2024, should submit the BOI
report within 90 days of receiving the notice about the effective registration.
● Companies formed or registered on or after January 1, 2025, should submit the BOI
report within 30 days of receiving the notice about the effective registration.
● Companies must file an updated BOI report within 30 days of any changes to the
reporting company's information or beneficial owner's information. Additionally, corrected
or updated BOI reports for company information, beneficial owners, and company
applicants must be submitted within 30 days of the changes.

Conclusion:

This article explains the essentials of BOI reporting requirements, offering clear guidance for
hassle-free compliance. Our platform, TaxBandits, is designed to make the BOI filing process
straightforward and efficient, allowing clients to complete their reports swiftly. With its reliable
and intuitive features, TaxBandits ensures comprehensive support and provides timely updates
on the status of your filings.
Moreover, the platform offers effortless data reuse, allowing you to save time and effort by
seamlessly importing data from previous filings. We can invite beneficial owners via secure links
to provide their complete information, ensuring the filing process is secure and streamlined.

One of TaxBandits most appealing aspects is its commitment to customer satisfaction.

Experience the convenience and efficiency of BOI filing with TaxBandits today!