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Video: We Can File the Report for You
Many small business owners will wonder whether they can file the BOI Report on behalf of their company on their own without hiring an attorney. The answer is yes. It is free to file a BOI Report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and FinCEN has provided a number of useful resources and guides for those who choose to file their own report. We are providing copies of those guides and resources for those who would like to review them and those who choose to save the $590 fee and file on their own.
For anyone who chooses to file on their own, we strongly recommend they read and thoroughly understand the documents FinCEN has published on its website and in the Federal Register which govern these filings. These essential guides are 426 pages long, and FinCEN estimates it can take 11 hours to prepare for and file a BOI Report. FinCEN also estimates it can cost businesses up to $2,614.87 to file a Report, presumably because businesses will hire a professional at some point to assist them with the preparation of the Report.
The stakes here are too great not to become intimately familiar with the documents below if you choose to file on your own. Because all businesses are deemed to have knowledge of the information contained in regulations published in the Federal Register, you risk subjecting yourself and your business to a civil fine of $591 per day that a report is not filed, or is filed incorrectly, past the deadline. You also face a prison sentence of up to two years and a criminal fine of up to $10,000. You should have an intimate working knowledge of the publications and regulations set forth below if you attempt to file a BOI Report for your business without professional help.
Laws, Regulations and Publications to Guide Filing a BOI Report
The Corporate Transparency Act (22 pages) | FinCEN’s Final Rule creating the reporting requirements for Beneficial Ownership Information Reporting (99 pages) | The Small Entity Compliance Guide (57 pages) |
31 US Code § 5336 (11 pages) (BOI reporting requirements) | Step-by-Step Instructions for Online Filing (26 pages) | BOI Report Filing Instructions (21 pages) |
BOI Reporting Frequently Asked Questions (38 pages) | Federal Register, Vol. 87, No. 189 (further reporting requirements) (6 pages) | BOI Report Filing Dates (1 page) |
Federal Register, Vol. 89, No. 17 (inflation adjustment) (2 pages) | Federal Register, Vol. 86, No 63 (supplemental information) (9 pages) | Federal Register, Vol. 88, No. 187 (FinCEN’s rules for companies created in 2024) (3 pages) |
An Introduction to Beneficial Information Reporting (3 pages) | Beneficial Ownership Reporting Key Questions (1 page) | Federal Register, Vol. 88, No. 229 (6 pages) |
Federal Register, Vol. 87, No. 241 (Access and safeguards to BOIR data) (54 pages) | Federal Register, Vol. 86, No. 233 (additional reporting requirements) (55 pages) | BOI Report Quick Reference Guide (3 pages) |
Small Business Entity Compliance Guide Summary (6 pages) | Federal Register, Vol. 88, No. 188 (Agency information collection activities) (6 pages) | Federal Register, Vol. 88, No. 215 (Use of FinCEN Identifiers for Reporting) (3 pages) |
Rather that you undertaking a deep dive into federal regulation, the Fuller Law Group, PLLC will be glad to file the BOI Report for your business immediately for $590. File Now button
*If there are more than 5 beneficial owners, an additional $50 per individual will be charged for the additional beneficial owners
What is the Corporate Transparency Act? | What is a Beneficial Ownership Information Report? | Penalties for not filing (or filing late) |
Why Choose Us to File Your Report? | We Can File the Report for You | File Now |
Starting January 1, 2024, every small business in the US must file a Beneficial Ownership Information Report with the Financial Crimes Enforcement Network (FinCEN), a department of the US Department of the Treasury. This BOI Report must be filed by January 1, 2025 for any business created prior to January 1, 2024. Businesses created after January 1, 2024, have 90 days in which to file this Report.
The penalties for not filing a BOI Report by the deadline are brutal:
A civil penalty of $591 per day for each day the BOI report is not filed beyond the deadline!
AND
A criminal fine of up to $10,000!
AND
Imprisonment for up to 2 years!
The Department of Treasury estimates it can cost a business upwards of $2,700 to file a Beneficial Ownership Information Report and take up to 11 hours of your time. We can file your BOI Report for $590, less than the penalty for your report being filed one day late. This includes an attorney’s eye reviewing your information before it is filed.
*If there are more than 5 beneficial owners, an additional $50 per individual will be charged for the additional beneficial owners
| Convenient and Simple | Attorney Review | Avoid Harsh Penalties |
BOIfiling.law offers a simple, 3 step process for filing your BOI Report. Learn more | Once submitted, your information will be reviewed by an attorney who will assess the information for compliance with federal requirements. Learn more | Avoid federal penalties of $591 per day and up to 2 years in prison and an additional $10,000 fine by filing an accurate report with the Department of Treasury now. Learn more |
Step 1: Tell us about your business Step 2: Let’s identify the beneficial owners of your business Step 3: Provide information about these beneficial owners | An attorney will review the information you submit and will reach out to contact you if there are questions about the information you submitted, whether certain persons should be considered beneficial owners, and to ensure that the report submitted on your behalf is accurate. | The Department of Treasury has instituted harsh civil and criminal penalties and fines to ensure compliance with the Corporate Transaction Act. Failure to timely file a BOI Report can result in a fine of $591 for each day that a report is late. Similarly, failure to file an accurate report can result in the same fine. This same noncompliance can also result in imprisonment for up to two years and an additional fine of up to $10,000. |
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Check if your business is exempt from filing | What is a Beneficial Ownership Report | What are the penalties? | Why choose us to file your BOI Report? |
The Department of the Treasury estimates that more than 32 million businesses will have to file a BOI Report. Forbes Magazine has called this “The Biggest Issue You Have Never Heard of.” We strongly recommend you do not wait until the end of the year to file your BOI Report, as we are all aware of how government websites can become overloaded and crash. You do not want to be in the position of defending yourself from a prison sentence and tens of thousands of dollars in fines because you are late. We recommend to all of our clients that they file now, before the government’s website becomes overwhelmed.