A Beneficial Ownership Information (BOI) report is a document that businesses must file with the Financial Crimes Enforcement Network (FinCEN). The report details the individuals who own or control the business.

BOI was to take into effect January 2025. On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued an opinion and order enjoining the federal government from enforcing the CTA and a rule implementing it. Barring further intervention by the Supreme Court, it is likely that the nationwide injunction will continue through at least March 25, 2025, the scheduled date for oral arguments before the Fifth Circuit.

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. The reports must be filed with the Financial Crimes Enforcement Network (FinCen), a bureau within the US Dept of Treasury.

What's included in a BOI report?

• The name of the business
• The name, birthdate, and address of each beneficial owner
• A unique identifying number and issuing jurisdiction for each beneficial owner
• An image of an acceptable identification document for each beneficial owner

Who needs to file a BOI report?

• Small and medium-sized businesses (list of exempt entities)
• Businesses that created after January 1, 2024
• Businesses that have individuals who own or control 25% or more of the business
• Businesses that have individuals who exercise substantial control over the business

How do I file a BOI report?

• You can file a BOI report online at FinCEN's website
• You can download a copy of your BOI filing from the submission status screen after you submit your report

What are the penalties for not filing a BOI report?

• Civil penalties of up to $500 per day
• Criminal penalties of up to $10,000 and/or two years in prison