The Corporate Transparency Act requires certain types of business entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This includes information about the entity, its beneficial owners, and, in certain cases, its company applicants. Beneficial ownership information is reported to FinCEN through Beneficial Ownership Information Reports (BOIRs).
Who has to submit a BOIR?
If you registered your business with the Secretary of State in the state where you operate, you need to file a BOIR. If your business is incorporated, meaning your therapy practice is an S Corp, an LLC or PLLC, then you need to file a BOIR.
If you are a sole proprietor and have not registered your business with the secretary of state, you do not need to file this report.
FinCEN’s Small Entity Compliance Guide explains who must report, what they must report, and when they must report. It includes aids to help determine whether you need to file a BOIR with FinCEN and, if so, how to comply with the reporting requirements. Below is a flowchart on which companies need to file BOIR.
If you are unsure, please contact our team via Messages and we can help you understand your obligations.
When is the report due?
FinCEN began accepting mandated BOIRs electronically on January 1, 2024. The deadline for submitting a BOIR depends upon when the reporting company was created or registered to do business in the United States.
| If the company was created or registered: | The filing deadline is: |
| before January 1, 2024 | January 1, 2025 |
| On or after January 1, 2024 and before January 1, 2025 | 90 days after receiving actual or public notice that its creation or registration is effective |
| On or after January 1, 2025 | 30 days after receiving actual or public notice that its creation or registration is effective |
How to submit the BOI Report
The BOIR can be submitted as a PDF or online through BOI E-filing FinCEN website. To file the report, go to https://boiefiling.fincen.gov/. From there, you may choose your preferred filing method:
- File Online BOIR: To file online, use this guide provided by FinCEN: Online BOIR Filing Method: Step-by-Step Instructions
- File PDF BOIR: To file with a PDF, use this guide provided by FinCEN: PDF BOIR Filing Method: Step-by-Step Instructions
You can submit this report at no cost by following one of the filing methods above. However, you can also choose to hire an incorporation service or CorpNet for an additional fee.
After submitting your BOIR, please keep a copy for your records.
Can Heard file this report?
The BOI filing requirement is a legal filing requirement; therefore, Heard does not file this report on your behalf. Generally, the service or attorney that you used to incorporate offers a BOIR reporting as part of the incorporation process.
Resources
- To learn more about how to identify beneficial owners, review Chapter 2 of FinCEN’s Small Entity Compliance Guide.
- To learn more about the reporting requirements and how to identify company applicants, review Chapter 3 of FinCEN’s Small Entity Compliance Guide.
- What Therapists Need to Know About Beneficial Ownership Information (BOI) Reporting