BOIR Filing

The Corporate Transparency Act of 2021 requires many U.S. companies to disclose individuals with ownership or a controlling interest by filing a Beneficial Ownership Information Report (“BOIR”). For companies in business on January 1, 2024, the filing deadline is January 1, 2025. Companies formed after January 1, 2024 are required to file within 90 days of creation or registration. A press release from the U.S. Department of the Treasury may be found HERE. This site lists the information necessary to file the BOIR and the identification required. Companies may receive solicitations to file the BOIR, but with the required information, internet access and a few minutes, filing a BOIR is simple.

The BOIR may be filed online HERE. The online BOIR filing option guides users through the information required. For example, if an EIN is selected as the Tax Identification Type, the Country/Jurisdiction field can’t be selected. The online filing option also guides companies in business before January 1, 2024, past the Company Applicant(s) section, which isn’t as clear on the PDF filing. Copies of the accepted identification(s) required will need to be uploaded and the BOIR can then be submitted online. Companies can download a transcript of the filing and will receive an email when it is accepted.

The penalties for not filing a required BOIR, (a civil penalty of $5,000 for each violation and a criminal penalty of fine and/or imprisonment), can be found HERE. While these penalties are significant, the current focus seems to be on making companies aware of their responsibility to file the required reports and bring them into compliance.