What is Beneficial Ownership Information? Do I Need to Fill Out the BOI?

1. What if my information changed?

If any changes to the necessary details concerning a reporting company or its beneficial owners, as stated in a filed BOIR occurs, the reporting company must submit an updated BOIR within 30 days of the change.

2. Where / How do I file the report?

You can access the FinCEN website at https://boifiling.fincen.gov or seek assistance from legal professionals, accountants, or company registrars.

3. Is there any other way to file other than completing an online form?

You can either upload a PDF version of the form or fill out an online version.

4. I don’t like submitting forms online. Can I mail, fax, or drop them off at an IRS office?

BOI reporting cannot be submitted via fax, mail, or in-person drop-off at any office. It must be completed exclusively online.

5. Who is/are the company applicants?

All company applicants must be individuals. At least one, or at most two should be reported. You have the:

• • The direct filer (who filed the registration documents on SOS’s website), or/and
  • The one that directs or controls the filing

6. How do I know the BOI report was accepted?

You should provide your email address during the filing process. You will receive confirmation of submission in the email provided once FinCEN accepts the filing.

7. What information is needed for the reporting company?

• • Full legal name
  • Trade name such as DBA’s
  • Complete US address
  • Jurisdiction
  • For a foreign reporting company, state or tribal jurisdiction of first registration.

8. What information is needed for the beneficial owner(s)?

For each owner below must be provided:

• • Full legal name
  • Date of Birth
  • Complete current address
  • Unique identifying number and issuing jurisdiction from one of the following non-expired documents: 

1. 1. 1. U.S. passport, an ID issued by a state, 
      2. local government, or Indian Tribe, 
      3. state-issued driver’s license; 
      4. or if none of 1-3 are available, then a foreign passport.

• • An image of the document where the identifying number was obtained (less than 4MB)

FinCEN identifier can be provided for a beneficial owner instead of the information listed above – You must have pre-applied and received the Unique Identifying Numbers (FinCEN Identifier) 

Enter all unique identifying numbers as a single text string without formatting or special characters such as hyphens or periods. An identifying number in the format NNN-NN-NNNN should be entered as NNNNNNNNN.

9. Can I use acronyms on the form? Acronyms are prohibited words and phrases on the form

Do not use the following words or variations of these words in text fields of the BOIR: 

1. 1. AKA 
   2. DBA 
   3. NMN 
   4. NONE 
   5. NOT APPLICABLE 
   6. OTHER 
   7. SAME 
   8. SAME AS ABOVE 
   9. SEE ABOVE
   10. T/A
   11. UNKNOWN
   12. VARIOUS 
   13. XX

10. What if changes to BOI occur?

• • Individuals must report a change in information no later than 30 days after the date on which the change occurred.
  • If there are inaccuracies in the information provided, then the report must be amended no later than 30 days after the individual became aware of the inaccuracy.

• • For reporting companies, the company must update information by filing a new BOI report.

11. What should my company do if it becomes exempt after already filing a report? 

Should your company file a BOI report and subsequently become eligible for an exemption from reporting requirements, it should submit an updated BOI report to reflect its newly exempt status.

12. Do I have to upload my ID each time?

Certainly! To prevent this, obtain a FinCEN ID by following this link: https://fincenid.fincen.gov/landing. This will direct you to https://secure.login.gov/ where you can create an account.