If you’ve recently formed an LLC or are planning to start one, you’ve probably come across the term BOI Report. It stands for Beneficial Ownership Information Report, a new federal filing requirement that aims to bring more transparency to business ownership in the United States.
But with the recent changes announced in 2025, many business owners are confused about whether they still need to file it — or not. Let’s break it down in simple terms.
What Is the BOI Report?
The Beneficial Ownership Information (BOI) Report is a federal filing introduced under the Corporate Transparency Act (CTA). It’s managed by FinCEN, the Financial Crimes Enforcement Network — part of the U.S. Department of Treasury.
The main goal of this report is to identify who really owns or controls a business. This helps the government fight money laundering, tax evasion, and illegal shell companies.
In short, if you own or manage a company, the BOI report helps the government know who’s behind it.
What Information Does the BOI Report Require?
When filing, companies must provide:
- Legal name of the company
- Business address and jurisdiction of formation
- Federal Tax ID (EIN)
- Names, dates of birth, and addresses of all beneficial owners
- ID number and issuing country (e.g., passport or driver’s license)
- An image or PDF of each owner’s ID
It’s a one-time filing unless ownership or company details change — then you must update it.
Who Needs to File a BOI Report?
Originally, almost all LLCs, corporations, and similar entities formed in the U.S. were required to file a BOI report. This included small business owners, freelancers with LLCs, and foreign entities registered to do business in the U.S.
However, there are some exemptions — such as:
- Large companies (20+ full-time U.S. employees and $5M+ in U.S. revenue)
- Banks, insurance companies, and publicly traded corporations
- Non-profit organizations
2025 Update: Big Change from FinCEN
Here’s the most important part — and good news for many small business owners.
In March 2025, the U.S. Treasury Department and FinCEN announced an interim final rule that changes who must file a BOI report.
What’s New:
- Domestic U.S. companies (like LLCs formed within the U.S.) are now exempt from BOI reporting.
- Foreign companies that register to do business in the U.S. must still file the report.
- The new deadlines apply mainly to foreign entities.
Updated Deadlines:
- Foreign entities registered before March 26, 2025 → File by April 25, 2025
- Foreign entities registered on or after March 26, 2025 → File within 30 days of registration
This means that if you have a U.S.-based LLC or corporation, you no longer need to submit the BOI report — at least for now.
How to File a BOI Report (If You’re Still Required)
If you fall into the group that still needs to file (for example, a foreign company registered in the U.S.), here’s how to do it:
- Collect your company details — name, address, EIN, and ownership info.
- Go to FinCEN’s official filing system (Beneficial Ownership Secure System – BOSS) at fincen.gov/boi.
- Submit the online form with your business and owner information.
- Keep a copy of your confirmation receipt.
- Update your report whenever ownership or company details change.
Why BOI Reporting Still Matters
Even though the latest rule relaxes the requirements for domestic entities, it’s important to stay informed. FinCEN may adjust these rules again later this year.
Business owners should:
- Stay aware of compliance updates
- Keep ownership documents and IDs ready
- File immediately if their business becomes subject again
If you form LLCs or manage businesses for clients, consider offering BOI compliance as a service — it builds trust and ensures your clients stay on the right side of the law.
Final Thoughts
The BOI filing requirement was one of the biggest compliance changes for small business owners in 2024 and early 2025. Thankfully, the latest FinCEN update has simplified things for many domestic LLCs — removing the extra step for most U.S.-based businesses.
However, if you operate across borders, manage foreign entities, or form companies for non-residents, BOI compliance still applies. Always double-check FinCEN’s official website or consult a professional before making assumptions.
Helpful Resources:
- FinCEN – Beneficial Ownership Information Reporting Portal
- U.S. Treasury – BOI Reporting Rule Update 2025
- Corporate Transparency Act – Overview (CTA)