BOI Reports are required.
What you need to know regarding BOI reports.
Beneficial Ownership Information Reports (BOI) are required.
As of December 23rd, 2024, the Federal Appeals Court has ruled that BOI reports are required in compliance with the Corporate Transparency Act. For those who have been keeping up with the news on BOI reports, this is a change from the December 3rd ruling that BOI reporting was blocked at a Federal Level. We repeat again, as of December 23rd, BOI reports are required by law, and Lodgepole Law is recommending that small businesses in our orbit follow the law and submit your BOI report.
The new ruling has a new Deadline Schedule:
- Entities formed before January 1, 2024: January 13th, 2024
- Entities formed January 1, 2024 and after: 90 Days post-formation
For more news Regarding BOI reports straight from FinCEN, click here.
In order to remain compliant with the Corporate Transparency Act, you should plan to file your BOI report for your entity (or entities) as soon as possible to avoid any potential fines. We’re here to provide strategies for you to do so.
FIle your BOI Report Yourself (Free)
You can file your BOI report yourself completely free to you directly on FinCEN’s website: https://boiefiling.fincen.gov/
For speed and ease, we generally recommend you utilize the e-filing system here: Online BOI-R
You also have the option of filing via PDF or API here: BOI Filing Options
Filing with FinCEN is completely free to you, and you can refile as many times as you like. We recommend submitting your BOI report as soon as you can, then changing it later if you need to, rather than waiting for a change, in order to comply with the CTA in the timeframe provided above and avoid any fines.
Online BOI Filing How-To
FinCEN offers several forms of directions for how to file on their site. We’ll link them here:
- Introductory Video and Initial Page: https://fincen.gov/boi
- Demo Video: (also located on Initial Page)
- Reference Guide for information to have on hand: https://fincen.gov/sites/default/files/shared/BOI-Notice-to-Customers-508FINAL.pdf
- FAQ Page: https://fincen.gov/boi-faqs (we recommend watching the 5-minute Demo Video, then navigating here)
- Writen Step-by-Step Guides with Pictures: https://boiefiling.fincen.gov/help (We recommend downloading and following the Step-By-Step presentation located here while you fill out your BOI report)
Hire Fincen Fetch to File for you ($150)
Unfortunately, Lodgepole Law does not have the bandwidth or ability to file your BOI report for you. However, to give you an option to hire it out, we have partnered with Fincen Fetch. Fincen Fetch can file your BOI report at $150 per report.
Your link to file with Fincen Fetch is here: https://app.fincenfetch.com/start?ref=LODGEPOLELAWBOI
Brief FAQs
Am I exempt from Filing a BOI Report?
- Probably not. However, you can find out here: https://www.fincen.gov/boi-faqs#C_2
How long does the BOI report submission take?
- It should only take 10 minutes, give or take 5.
What Information Do I need handy about my entity before I start my BOI Report?
- A PDF of your photo ID
- Articles of Organization (Incorporation, Formation, you get it)
- EIN number
- All beneficial Owners names, addresses, contact info, identification.
- For more on this list, see filing instruction in here: https://boiefiling.fincen.gov/help
Should I wait and see if they block this again?
- No, just fill it out. We have no idea what’s going to happen in this court battle over BOI, we know it’s redundant because you file your taxes, but right now, it is the law. For now we’re recommending you follow the law and submit your BOI report in accordance with the CTA. It’s free to change later if/when you need to– just file.
Should I request a FinCEN ID?
- Go for it! There is no harm in requesting/having a FinCEN ID. It’s an ID number you can request for yourself in the process of filing your BOI report. It saves you time when you file it again to have one because your address, Identification, and other information are all tied to it and saves you from retyping. (like another SS number, but for FinCEN! Yay!).