Understanding the BOIR Filing Requirement: A Guide for U.S. Business Owners
The BOIR filing requirement mandates that U.S. businesses disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). Failure to comply can lead to hefty fines or legal consequences. This guide explains who must file, deadlines, penalties, and how Taxwork can simplify compliance for your business.
Who Needs to File a BOIR?
The CTA applies to:
✅ Domestic Entities – Corporations, LLCs, and similar businesses registered in the U.S.
✅ Foreign Entities – Companies formed overseas but operating in the U.S.
Exemptions:
- Large Operating Companies (20+ employees, $5M+ revenue, U.S. physical presence)
- Heavily Regulated Entities (Banks, credit unions, insurance companies)
What Information Is Required for BOIR Filing?
Businesses must submit the following for each beneficial owner:
✔ Full legal name
✔ Date of birth
✔ Residential address
✔ Government-issued ID (U.S. driver’s license, passport)
BOIR Filing Deadlines
| Business Type | Filing Deadline |
|---|---|
| Registered before Jan 1, 2024 | January 13, 2025 (Extended deadline) |
| Registered in 2024 | 90 days after registration (Currently paused, but FinCEN encourages early filing) |
| Registered on/after Jan 1, 2025 | Within 30 days of registration |
Penalties for Non-Compliance
🚨 Civil Penalty: 500perdayuntilcompliance🚨Criminal Penalty: upto 10,000 fine + 2 years imprisonment for willful violations
Why File Your BOIR Early?
✔ Avoid last-minute delays (FinCEN may face backlogs)
✔ Reduce compliance risks (Ensure accuracy before deadlines)
✔ Peace of mind – Focus on business growth, not legal stress
Next Steps for BOIR Compliance
1️⃣ Gather Documents – Collect owner IDs and business details.
2️⃣ Stay Updated – Monitor FinCEN announcements for changes.
3️⃣ Seek Expert Help – Taxwork ensures smooth, error-free filing.
Need Help with BOIR Filing?
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📧 Email us: info@taxwork.pk
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Final Thoughts
The BOIR filing requirement is a critical compliance step for U.S. businesses. Missing deadlines can lead to severe penalties, so proactive filing is key. Taxwork provides expert guidance to simplify the process—contact us today to ensure your business meets all CTA obligations!