What is Beneficial Ownership Information (BOI)?
Beneficial Ownership Information (BOI) reports must be filed with the Financial Crimes Enforcement Network (FinCEN) by certain types of entities in the United States. Liberty Tax Accounting (LTA) can help you determine if your business is required to file.
When to File
Companies created before January 1, 2024: File by January 1, 2025
Companies created in 2024: File within 90 days of creation
Companies created in 2025 and beyond: File within 30 days of creation
Updated Reports: File within 30 days of any changes to the reported information
Liberty Tax Accounting (LTA) ensures your deadlines are met on time and accurately.
How to File
File electronically through the BOI E-Filing System. Include the following information for each beneficial owner:
Name
Date of birth
Address
A unique identifying number and issuing jurisdiction from an acceptable identification document, such as:
• U.S. driver’s license
• Passport
• State IDAn image of the identification document
Need help gathering this information? Liberty Tax Accounting (LTA) is here to assist every step of the way.
Penalties for Non-Compliance
Willful failure to file on time can result in:
Civil penalties: Up to $500 per day
Criminal penalties: Up to two years in prison and a $10,000 fine
Avoid these penalties by filing with confidence through Liberty Tax Accounting (LTA).
For more details, refer to the Small Entity Compliance Guide at fincen.gov/boi.
Need help with BOI filing? Contact Liberty Tax Accounting (LTA) today for expert assistance and peace of mind.