BOI Reporting Checklist: Fail Proof Filing in 7 Easy Steps!

boi reporting checklist
Table of Contents

BOI Reporting Checklist for Small Businesses to Ensure Compliance in 2024

As of January 1, 2024, over 32 million small businesses will face a crucial regulatory requirement under the Corporate Transparency Act: filing a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). Our detailed BOI Reporting Checklist provides a straightforward, step-by-step guide to navigate this complex compliance landscape, ensuring your business adheres to the new law without stress.

Step 1: Determine Your Need to Report: Understanding BOI Requirements

Firstly, check what kind of business you have (like an LLC, corporation, or something else). If it’s an LLC or corporation, you must file a report unless there’s a special rule. You might still need to report if it’s something else, so check the rules or ask a lawyer. Additionally, use FincenFetch’s handy CTA exemption check tool to see if your business is exempt.

Step 2: Eligibility for BOI Reporting Exemptions

businesses filing boi reports with FincenFetch.

Check if your small business is “big” enough not to report (more than 20 full-time workers, an office in the U.S., and over $5 million in sales). Check if your business is “inactive” (not doing business, not owned by someone from another country, and hasn’t changed owners or moved money around a lot in the last year). Ask a lawyer or use FinCenFetch’s exemption tool if you need clarification.

Step 3: Gather Beneficial Ownership Information Efficiently with out BOI Reporting Checklist

Thirdly, it’s essential to identify the beneficial owners or individuals who hold significant control or ownership in your business. Once you’ve pinpointed them, it’s imperative to inform them that legal obligations necessitate sharing their information with FinCEN. Furthermore, leveraging FinCenFetch’s secure and user-friendly platform to establish your account. You can then conveniently send a Fetch link to beneficial owners, facilitating seamless information collection.

Step 4: Secure Your BOI Information

Once you’ve gathered the necessary information, it’s crucial to devise a strategy to keep it both up-to-date and secure. If you haven’t already developed a plan, consider exploring software solutions such as FinCenFetch, which can streamline and automate this process. Additionally, you can rely on the expertise of FinCenFetch’s BOI report customer success team to assist you along the way.

Step 5: Follow the BOI Reporting Checklist and File Your BOI Report

You have until January 1, 2025, to submit an initial report. Utilizing FincenFetch streamlines the filing process, making it quick and effortless. Begin by scheduling a demo to acquaint yourself with the platform, then proceed to establish your account and submit your report seamlessly, without any hassle.

Step 6: Annual Review and Re-Submission of BOI Reports

boi report customer success team at FincenFetch.

It’s imperative to diligently follow through with each of these steps for every small business, ensuring compliance and accuracy in your BOI reports.

Step 7: Additional Considerations for BOI Compliance

Explore the possibility of discontinuing any unnecessary or unused businesses. Additionally, review and potentially update the policies concerning individuals with substantial ownership in your business.

Our BOI Reporting Checklist is here!

Utilize this straightforward checklist along with FincenFetch to ensure compliance with the Corporate Transparency Act requirements. Furthermore, to learn about how FincenFetch can streamline your BOI reporting process, schedule a complimentary demonstration with our team today!

Schedule a demo for cta reporting software, AI technology for CTA, Error-free BOI Reports
Picture of Charles Wismer

Charles Wismer

CEO at FincenFetch helping the U.S.professional services industry support FinCEN's new national security initiative to launch the Corporate Transparency Act. Prior fund manager and Fintech founder.