⚠️ NOTICE: The deadline to file the Report of Foreign Bank and Financial Accounts (FBAR) to FinCEN
coincides with the current IRS tax season filing deadline for annual tax returns (extended to Oct 15, 2025). Failure to file may be subject to a civil
penalty up to $10,000 per violation.
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Expert Guidance
Understanding the FinCEN BOIR Form
What is the Beneficial Ownership Information Report (BOIR)?
The BOIR (Beneficial Ownership Information Report) is a federal requirement under the Corporate Transparency Act enforced by FinCEN. It mandates that many U.S. business entities must report key details about who ultimately owns or controls them.
When you file a BOIR, you'll provide:
- Full legal name, date of birth, and current address of each beneficial owner
- A valid identification number (e.g. passport, driver’s license)
- Jurisdiction of issuing the ID
This report helps promote transparency and prevent financial crime. Noncompliance may lead to daily penalties.
Key Points About the BOIR:
- Mandated by: Financial Crimes Enforcement Network (FinCEN)
- Applies to: Most U.S. businesses
- Filing deadline: March 21, 2025
Need to file your BOIR?
Comply with the CTA requirements and file your BOIR accurately and on time.
BOIR Information
What Information is Reported?
Businesses must disclose details about their beneficial owners, including:
- Full legal name
- Date of birth
- Current residential or business address
- Unique identifying number (e.g., passport or driver's license number)
Why You Must File Your BOIR (and Avoid Penalties)
Why is the BOIR Important?
Filing your FinCEN BOIR report is not optional for most corporations, LLCs, or similar registered entities — it’s required. Failing to submit or failing to update the report can lead to fines, reputational risk, and regulatory scrutiny.
- Penalties up to $500–$600 per day for noncompliance
- Maintain good standing with regulators
- Avoid audit flags or reporting delays
- Submit once — then update only when ownership or control changes
Process
File Your BOIR in 3 Simple Steps
Complete Secure Online Form
Enter your business and beneficial ownership details.
We Review Accuracy & Compliance
We validate your submission before sending to FinCEN.
Submit to FinCEN & Get Confirmation
Receive a filing receipt you can download
Common Questions
Frequently Asked Questions
What is a BOIR?
The Beneficial Ownership Information Report (BOIR) is your required submission to FinCEN under the Corporate Transparency Act.
How do I file the FinCEN BOIR report?
With BOIR Reporting Service, you’ll receive timely reminders when it’s time to file based on your business’s formation date. We’ll collect the necessary information from you, prepare an accurate report with details about your company’s beneficial owners, and file it on your behalf with the Financial Crimes Enforcement Network (FinCEN). You’ll receive a confirmation once the report is successfully submitted, so you can be confident in meeting the compliance
Who is a Beneficial Owner?
A beneficial owner is anyone who either:
- Directly or indirectly owns or controls at least 25% of the company’s ownership interests, or
- Exercises substantial control over the business.
What is an example of a beneficial owner with substantial control?
- Key decision-makers within the company,
- Senior officers such as the President, CEO, CFO, General Counsel, or COO,
- Individuals with the authority to appoint or remove officers or directors.