File Your FinCEN BOI Report
Stay Compliant.
The Corporate Transparency Act requires most U.S. business entities to file a Beneficial Ownership Information report with the Financial Crimes Enforcement Network. Manay CPA prepares and files your BOI report accurately and on time — avoiding the $500 per day penalty for non-compliance.
- BOI report preparation and filing for all entity types
- Timely filing for new and existing business entities
- Update filings managed when ownership information changes
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What Is a FinCEN BOI Report?
The Beneficial Ownership Information report is a federal filing required under the Corporate Transparency Act, which took effect on January 1, 2024. Most U.S. corporations, LLCs, and other formally registered entities must report identifying information about their beneficial owners — individuals who own 25 percent or more of the entity or who exercise substantial control over it — to the Financial Crimes Enforcement Network.
Entities that fail to file or fail to update their BOI report when ownership information changes face civil penalties of $500 per day and potential criminal penalties. Manay CPA prepares and files BOI reports for all entity types and manages the required update filings whenever a reportable change in ownership or control occurs.
Steps
Entity Eligibility Review
We confirm whether your entity is required to file a BOI report or qualifies for one of the statutory exemptions — there are 23 exemption categories — and advise you on your filing obligation before any deadline approaches.
Owner Identification
We work with you to identify every individual who qualifies as a beneficial owner under the CTA’s definition — those with 25 percent or more ownership and those who exercise substantial control — and gather the required identifying information for each.
BOI Report Filing
We prepare your BOI report with accurate information about the reporting company, its beneficial owners, and its company applicants if applicable, and submit it to FinCEN through the secure filing system before your applicable deadline.
Update Filing Management
We track changes in your ownership structure and management that may trigger an update filing requirement and submit updated BOI reports within the required 30-day window whenever a reportable change occurs.
Table of Contents
Who Is Required to File
The BOI report requirement applies to most domestic and foreign business entities registered to do business in the United States — including corporations, LLCs, limited partnerships, and similar entities. Entities formed before January 1, 2024 had a filing deadline of January 1, 2025. Entities formed on or after January 1, 2024 must file within 90 days of formation. Entities formed on or after January 1, 2025 must file within 30 days of formation.
There are 23 categories of entities that are exempt from the BOI report requirement. Exemptions include large operating companies with more than 20 full-time employees and more than $5 million in annual gross receipts, publicly traded companies, banks, insurance companies, and certain other regulated entities. Most small and medium-sized businesses do not qualify for an exemption and are required to file.
What Information Must Be Reported
The BOI report requires information about the reporting company itself — its legal name, any trade names, its current address, its state of formation, and its IRS tax identification number. For each beneficial owner, the report requires their full legal name, date of birth, current residential address, and an identifying number from an acceptable identification document such as a passport or driver’s license, along with an image of that document.
For entities formed on or after January 1, 2024, information about the company applicant — the individual who filed the formation documents — must also be reported. This is an additional requirement that does not apply to entities formed before that date.
Penalties for Non-Filing Are Significant
The penalties for failing to file a BOI report or for willfully filing false information are among the most severe that any federal business compliance obligation carries. Civil penalties of $500 per day accumulate for every day that a required filing is late or remains unfiled. Criminal penalties for willful violations include fines of up to $10,000 and imprisonment of up to two years.
Many business owners are unaware of this requirement entirely, having received no direct notification from FinCEN or from their state. Manay CPA proactively identifies every client’s BOI report obligation and manages the filing before any penalty exposure arises.
Update Filings Are Required Within 30 Days of a Change
The BOI report is not a one-time filing. Any change in the reported information — a new beneficial owner, a change in an existing owner’s name or address, a change in the individuals who exercise substantial control — triggers an update filing requirement within 30 days of the change.
This means that common business events — adding a new partner, removing an owner, updating an officer’s address — all require a BOI update filing. Manay CPA monitors reportable changes for every BOI client and manages update filings within the required window so the obligation is continuously met.
Frequently Asked Questions about FinCEN BOI Report
Does my existing business need to file a BOI report?
If your entity was formed before January 1, 2024 and does not qualify for one of the 23 statutory exemptions, yes — you were required to file a BOI report by January 1, 2025. If you have not yet filed, you are currently out of compliance and penalties are accumulating. Manay CPA can prepare and file your report immediately to stop the accrual of penalties.
What is a beneficial owner under the Corporate Transparency Act?
A beneficial owner is any individual who directly or indirectly owns or controls 25 percent or more of a reporting company’s ownership interests, or who exercises substantial control over the company. Substantial control includes serving as a senior officer, having authority to appoint or remove officers or a majority of directors, or making or having authority to make important decisions about the company’s operations or finances.
Are there exemptions from the BOI report requirement?
Yes. The CTA provides 23 categories of exempt entities. Common exemptions include large operating companies with more than 20 U.S. full-time employees and over $5 million in U.S.-sourced gross receipts, publicly traded companies, SEC-registered entities, banks, credit unions, and certain heavily regulated industries. Most small businesses do not qualify for an exemption. Manay CPA reviews your entity’s eligibility for any applicable exemption before advising you to file.
How do I file a BOI report?
BOI reports are filed electronically through FinCEN’s secure BOSS filing system at fincen.gov. The filing requires specific identifying information and a copy of an acceptable identification document for each beneficial owner. The filing system is available online but requires accurate, complete information to avoid deficiency notices. Manay CPA prepares and submits all BOI reports on behalf of clients.
What happens if ownership changes after I file my initial BOI report?
An updated BOI report must be filed within 30 days of any change to previously reported information. This includes changes in ownership percentages, changes in the individuals who exercise substantial control, changes in a beneficial owner’s legal name or residential address, and changes in the company’s own information. Manay CPA tracks these changes and files updates within the required window.
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