What is a BOI Report

BOI Report is a Beneficial Ownership Information Report
In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit
finance. This law requires many companies doing business in the United States to
report information about who ultimately owns or controls them.
Effective January 1, 2024, many companies in the United States must report information
about their beneficial owners, the individuals who ultimately own or control the company
to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S.
Department of the Treasury. Beneficial Ownership Information reporting is not an
annual requirement. Unless a company needs to update or correct information, a report
only needs to be submitted once.

Who Has to Report?

Companies required to report are called reporting companies. Reporting companies
may have to obtain information from their beneficial owners and report that information
to FinCEN.
Your company may need to report information about its beneficial owners if it is:
1. A corporation, a limited liability company (LLC), or was otherwise created in the
United States by filing a document with a secretary of state or any similar office under
the law of a state or Indian tribe; or
2. A foreign company and was registered to do business in any U.S. State or Indian
Tribe by such a filing

Who Does Not Have to Report?

Twenty-three types of entities are exempt from beneficial ownership information
reporting requirements, including publicly traded companies, nonprofits, and certain
large operating companies.

When Do I Report?

FinCEN began accepting reports on January 1, 2024.
• If your company was created or registered prior to January 1, 2024, you will have until
January 1, 2025 to report BOI.
• If your company is created or registered in 2024, you must report BOI within 90
calendar days after receiving actual or public notice that your company’s creation or
registration is effective, whichever is earlier.
• If your company is created or registered on or after January 1, 2025, you must file BOI
within 30 calendar days after receiving actual or public notice that its creation or
registration is effective.
• Any updates or corrections to beneficial ownership information that you previously filed
with FinCEN must be submitted within 30 days.

How Do I Report?

Reporting companies can report Beneficial Ownership Information by emailing us via
contact@savvysavingsgroup or Text to 860-968-6060