BOIR: Easy Steps to File for the Simple Business Owner
If you are wondering what the Beneficial Ownership Information Report (BOIR) is then please check out my blog here.
DISCLAIMER: All information below represents an interpretation of the Corporate Transparency Act and FAQs from the FinCEN website. This blog not to be used as tax advice or to advise on reporting requirements. As always, consult your tax professional or attorney.
After completing this reporting process for another business I own (with 4 owners) I decided to put together a simple how to on how to complete the report.
The report took me 24 minutes to complete with 4 owners. Time was spent mostly uploading images of IDs and entering drivers license numbers. If you are a single business owner, it shouldn’t take longer than 10 minutes.
What you need before starting…
Make sure you have all required information so you don’t have to start, stop and repeat.
You’ll need:
Basic business info including EIN and physical address
For every beneficial owner:
a. Name, address and date of birth
b. Image of identification to upload (drivers license, state/tribal license, passport) NOTE: JPEGs were the only format that worked for me when I uploaded)
Once you have the info, have this blog open while you report and just scroll along…
Go to https://boiefiling.fincen.gov/
Select Beneficial Ownership information (BOI) Reporting “GET STARTED”
Go to “File Online BOIR” and select “Prepare & Submit BOIR”
There are 5 tabs or screens to complete the filing once you arrive to this page.
Filing information Tab
Type of filing: Most likely you are “a. Initial Report”
If you are updating due to a change in ownership select “c. Update Prior Report”
Hit “Next”
Reporting Company Information Tab
Box 3 and 4 can remain unchecked
Box 5 enter Legal Name of Business
Box 6 enter DBA if applicable
Box 7 EIN (or SSN if you don’t have an EIN)
Box 8 Enter ID number from box 7
Box 9 Only if Foreign – enter a country
Box 10. a. If a US based business enter Country/Jurisdiction of formation
Box 10. b. If US is selected then enter the state or tribal jurisdiction
Box 11 Enter business address – must be a physical address
Hit “Next”
Company Applicant(s) Tab
Check box 16 if the company started prior to 1/1/24. If your business started AFTER 1/1/24 then you must fill out section 19-33
Hit “Next”
Beneficial Owner(s) Tab
Box 35-37 can remain unchecked if not applicable
Box 38-47 Fill out name, address and date of birth
Box 48-51 Enter identification information and upload license or passport
a JPEG was the only format I could upload
More than 1 beneficial owner? You must awkwardly scroll up to the top right corner of the screen and click “Add Beneficial Owner” and repeat boxes 35-51 for every owner
Hit “Next” once all beneficial owners are entered
Submit Screen
Confirm your information and agree to terms!
Thats it! It’s not so bad.
If you’re struggling with determining who is a beneficial owner then I recommend contacting an attorney or referring to my blog here for more guidance.
