Get Started with Filing the FinCEN BOI Report
Filing the FinCEN BOI Report: What You Need to Know in 2025
Important Update — March 2025: FinCEN has removed Beneficial Ownership Information (BOI) reporting requirements for all U.S. companies and U.S. persons. If your business was formed in any U.S. state, you are no longer required to file a BOI report. The filing requirement now applies only to foreign entities registered to do business in the United States. Read our complete guide to the FinCEN BOI rule change for full details.
Who Still Needs to File a BOI Report?
Following the March 2025 interim final rule, only foreign reporting companies are required to submit BOI reports to FinCEN. A foreign reporting company is any entity formed under the law of a foreign country that has registered to do business in a U.S. state or tribal jurisdiction by filing a document with a secretary of state or similar office.
If your business falls into this category, you must report identifying information about the individuals who own or control at least 25 percent of the entity, or who exercise substantial control over its operations. This includes each beneficial owner’s full name, date of birth, residential address, and a unique identifying number from a valid government-issued ID.
Filing Deadlines
Foreign entities that were registered to do business in the United States before March 26, 2025 had until April 25, 2025 to submit their initial report. Entities that register on or after that date have 30 calendar days from when their registration becomes effective. Changes to previously reported information must be corrected within 30 days.
How to File
BOI reports must be submitted electronically through FinCEN’s secure BOI E-Filing system. The filing is free of charge. Before you begin, gather the required identification documents for all beneficial owners and company applicants, as the system requires government-issued ID numbers, issuing jurisdictions, and images of the identification documents.
FinCEN allows authorized representatives—including accountants, attorneys, and professional bookkeeping services—to file on behalf of reporting entities. However, the entity itself remains legally responsible for the accuracy of all submitted information.
Need Help with Compliance?
Navigating regulatory requirements can be time-consuming, especially for businesses operating across borders. At Maxim Liberty, our bookkeeping and tax preparation professionals help businesses stay compliant with evolving federal requirements. If you operate a foreign entity registered in the United States and need assistance with BOI filing or any other aspect of your financial record-keeping, we can help.
Contact our team to discuss your compliance needs.
Frequently Asked Questions
Is there a fee to file a BOI report with FinCEN?
No. Filing through FinCEN’s BOI E-Filing system is free of charge. Be cautious of third-party services that charge fees for what FinCEN offers at no cost.
Can someone else file the BOI report on my behalf?
Yes. FinCEN allows authorized representatives such as accountants, attorneys, and bookkeeping professionals to file on behalf of a reporting entity. The entity remains responsible for the accuracy of the information submitted.
What happens if I miss the filing deadline?
Foreign entities that fail to file on time may face civil penalties of up to $591 per day for each day the violation continues, as well as potential criminal penalties including fines of up to $10,000 and imprisonment of up to two years for willful violations.