Beneficial Owner Information Filing

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Beneficial Owner Information Filing

Due to the Corporate Transparency Act, most small businesses are now required to report their Beneficial Owner Information (BOI) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). While companies can file BOI reports through FinCEN’s BSA E-file System, it can be very challenging to navigate.

SBAM’s partner, Occams Advisory, offers BOIReporting, a simple online service to seamlessly manage your reporting process to give you peace of mind that your report is compliant and submitted on time by the deadline.

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SBAM Basic, Premium, VIP & Elite level members receive a 40% discount on BOIReporting.

PLAN OPTIONS	CLASSIC	SBAM MEMBER DISCOUNT	PREMIUM	SBAM MEMBER DISCOUNT
One-Time	$79	$47.40
1 Year Subscription	$99	$59.40	$499	$299.40
2 Year Subscription	$149	$89.40	$749	$449.40
3 Year Subscription	$199	$119.40	$999	$599.40

Filing Deadlines
For companies formed before January 1, 2024: The first BOI report must be filed before January 1, 2025.
For companies formed on or after January 1, 2024: The BOI report must be filed within 90 days of the business’s formation.
Any changes to beneficial ownership or company information must also be reported within 90 days.

Penalties for Failing to File
Businesses that fail to submit their BOI report face fines of $500 per day, up to $10,000. However, companies that make genuine efforts to comply may avoid penalties. If a report contains errors, businesses have 90 days to submit a corrected BOI report.

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