Business Ownership Information Report (BOIR) for US Entities

By Tru Identity

Starting January 1, 2024, the majority of businesses registered or operating in the United States must submit a BOIR to FinCEN. Most entities need to provide beneficial ownership information, with 23 categories exempt from requirements.

Do I have to file?

A flowchart helps determine BOIR filing requirements. Key questions include whether the entity was formed under U.S. law, whether it's a corporation or LLC, and whether it was created by filing documents with a secretary of state.

The U.S. regulatory framework includes exemptions for BOIR requirements. 23 entity types are exempt from beneficial ownership information reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies.

When do I have to file?

Companies formed before January 1, 2024 have a January 1, 2025 deadline. Entities formed between January 1, 2024 and January 1, 2025 must file within 90 days. Entities formed after January 1, 2025 must file within 30 calendar days.

How do I actually file?

Filing BOIR directly with FinCEN costs nothing. The simplest approach involves using the FinCEN.gov website's BOIR form directly. The form requires entity information, DBA names, EIN, formation jurisdiction, applicant information, and beneficial ownership information.

Nearly all required information appears in your Tru entity dashboard. If entity verification is complete, only identification scans for the applicant and beneficial owners remain.

What happens if we miss the deadline?

Entities missing the deadline face fines of up to $500 per day for each day the report is not submitted. Criminal penalties include fines of up to $10,000 and imprisonment for up to two years.

FinCEN may waive penalties in certain cases for mistakes or omissions corrected within 90 days of the original filing deadline.