As previously reported, most small businesses are now required to file a BOIR (Beneficial Ownership Information Report) with the Financial Crimes Enforcement Network (FinCEN). In this new filing, owners or controlling entities of a business are formally identified to better enforce laws against shell or front companies. The process of filing this new report is simple for smaller structured companies and should take less than half an hour. The US Department of the Treasury’s official filing instructions can be found here: Beneficial Ownership Information Reporting Filing Instructions
The first step in filing this report is gathering information. Here is what you will need for each owner and entity:
Business Information:
o Full legal name
o Trade name or DBA
o Address
o Jurisdiction of formation
o IRS Taxpayer Identification Number
Beneficial Owner Information:
o Full Legal Name
o Date of Birth
o Current Address
o Identification such as US Passport, state ID or state driver’s license
***If you have more than one entity, it may be beneficial to create a FinCEN ID. This is by no means a requirement but can greatly simplify the process for those with several businesses. It allows an entity owner to enter personal information/upload photo ID once in the FinCEN ID application process instead of entering that information over and over for each company separately. Apply for a FinCEN ID here: FinCEN ID Application for Individuals
2. Once this information is gathered, begin the BOIR filing by going to the FinCEN website here: File a Beneficial Ownership Information Report
3. Filing can be done either online or with a PDF. We recommend filing online as it is quicker and easier with fewer steps:
If filing online, click “Prepare and Submit BOIR”. On the following page, click on each of the 5 category boxes/tabs (Filing Information, Reporting Company, Company Applicant(s), Beneficial Owner(s), and Submit) and fill in the corresponding information for each page. Upload an image of proper identification where necessary. Once all required information is filled in, click the “Submit BOIR” button at the bottom of the “Submit” page.
If filing with a PDF, please note that Adobe Reader 8 or higher is required to access the document. Click the blue “Prepare BOIR” button to open the fillable PDF and enter the information offline, saving the document as you go. Upload the proper identification by clicking “Add Attachment” where necessary. Once finished and all information is saved, click “Submit BOIR” on the FinCEN filing web page, fill in pertinent information, upload your saved PDF and then submit.
When you are finished, we recommend downloading a copy of your transcript to keep for your records.
If you would like help filing your BOIR, we are available to walk you through the process via Zoom. Please call Rachel at 503-886-9800 to set up a BOIR Filing Appointment.
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