DIY Registering With FinCEN BOI

The Corporate Transparency Act (CTA) was introduced as a way to deal with drug trafficking, money laundering and terrorist funding.  Part of the CTA was a requirement for millions of businesses to register with the Financial Crimes Enforcement Network (FinCEN).  Through this registration a business is required to show who is benefitting from the business through a filing known as Beneficial Ownership Information (BOI).  Once filed, the business owner/beneficiary receives a transcript as receipt of proof that the business has filed.  

Failure to file can result in penalties:

• Civil penalties: Up to $591 per day
• Criminal penalties: Up to $10,000 in fines and/or up to two years in prison
• Fines can accumulate: Fines can add up, leading to substantial financial consequences

Note: Currently there are legal battles over whether this is constitutional.  It is not currently required to register while this works its way through the courts.  Changes have been occurring very often on this topic.  It is currently voluntary to submit beneficial ownership information reports.

Want to skip the tutorial and have us register with FinCEN for you?  Schedule a call with us and we'll make sure everything is filled out properly.

To get started visit the FinCEN BOI registration page, click Initial Report, then Next.

Click Request to receive FinCEN ID, start filling out your company information, if you use an Alternate Name or multiple Alternate Names be sure to include those, then click Next.

Enter Company Applicant information and upload an identifying document.  Keep in mind there can be multiple company applicants.  A company applicant isn't necessarily the beneficial owner, just the person completing the application for the company.

Enter Beneficial Owner information and upload an identifying document.  Keep in mind there can be multiple beneficial owners.  Beneficial owners are the ones that benefit from the company, usually the owners of the business.

You will be taken to the final submission screen.  Add name and email address here, click I agree, then click Next.

It generally takes a minute or two, then you will be taken to the confirmation page where you are allowed to download your registration transcript.  Save this file for your records.

Need help registering with FinCEN?  Schedule a call with us and we can help you register live on a phone call.