As we enter the new year, businesses can now access the FinCEN BOI Report E-filing System.
The E-filing System is an online tool for businesses to submit their Beneficial Ownership Information reports (BOI) with FinCEN under the Corporate Transparency Act.
Getting Started with BOI Reporting:
FinCEN BOI Report E-filing is an online method for submitting your BOI reports. However, it’s worth noting that this process may involve more steps than anticipated.
While it may not be the most user-friendly, we’ll touch on an alternative shortly—FincenFetch. This service simplifies the filing process, offering a more straightforward solution.
Let’s start by understanding the basic steps of the FinCEN BOI Report E-filing System before exploring the simplicity of FincenFetch.
Important Note: Adobe Reader Requirement
If you’re brave enough to tackle the FinCEN BOI Report E-filing, ensure you have Adobe Reader installed on your computer before you begin.
This is especially important if you opt for the PDF version of your report.
Accurate Beneficial Ownership Information Matters
When you’re working on your report, being accurate is crucial. Mistakes can lead to issues like delays or rejection of your report.
The more significant concern is facing legal consequences. This includes fines and even the possibility of going to jail.
Always ensure your BOIR (Beneficial Ownership Information Report) is complete before submitting it to FinCEN to avoid these significant complications.
Required Fields in BOI reporting:
Pay careful attention to each section marked with the red asterisk * to guarantee your report goes through without issues.
This meticulous approach ensures the completeness and accuracy FinCEN requires for a successful submission.
Providing All Beneficial Ownership Information:
You must provide information in every field marked with the * symbol in every circumstance.
Additionally, fill in all fields not marked with the * symbol if they are relevant to your situation.
For example, if someone’s legal name includes a middle name, you must provide that information, even if the field is not marked with a *.
Avoid using specific words in the text fields of the report.
These include variations like AKA, DBA, NMN, NONE, NOT APPLICABLE, OTHER, SAME, SAME AS ABOVE, SEE ABOVE, T/A, UNKNOWN, VARIOUS, and XX.
FinCEN has these restrictions to maintain clarity and accuracy in the reports.
Why Completing Your BOI Report is Crucial:
BOIRs must be completed fully to be accepted by FinCEN.
Reporting companies must provide information in every required field to meet FinCEN’s standards.
If you don’t comply, there could be severe consequences, including fines and jail time. So, make sure your reports are accurate and complete to avoid any issues.
Using FincenFetch to File:
FincenFetch is an excellent option for making your Beneficial Ownership Information report submission smoother.
Experts handle the details, making the process straightforward and reliable. This way, you can concentrate on what truly matters without worrying about complications or errors.
Ready to experience the ease of FincenFetch for your BOI report submission? Schedule a demo today, and let us guide you through the process.