What is the BOIR?
Expert tax preparation and financial services tailored to your needs.
What is the BOIR for?
The BOI report (or BOIR) is a new filing requirement helping prevent financial crimes such as money laundering and tax evasion. It comes from the Financial Crimes Enforcement Network and helps to identify anyone who directly or indirectly owns or controls a business.
Who has to file?
Most small to mid-sized U.S. companies need to file the BOIR. This includes LLCs, corporations, and similar entities, especially newer or privately owned companies. Generally, large public companies and regulated entities, like banks, as well as inactive companies, don’t have to file.
Are there penalties for not filing?
If a company doesn’t file the BOIR or submits false information, it could face fines of up to $500 per day until it’s filed correctly. In serious cases, there could also be criminal charges, leading to fines up to $10,000 and possible jail time for responsible individuals.
File Your BOIR
The BOIR (or BOI report) is a required filing for most LLCs and corporations. If it is not filed on time, you may accumulate fines of up to $500 per day and time in jail. We can help get your BOIR filed quickly and correctly.
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The information found on this website is meant to be considered general information and is not to be taken as professional advice.