File your BOI report before
the penalties start

A Beneficial Ownership Information (BOI) report is a disclosure filed with FinCEN (the Financial Crimes Enforcement Network, a bureau of the US Treasury) under the Corporate Transparency Act (CTA), enacted January 1, 2024. Under FinCEN's interim final rule effective March 26, 2025, US-formed LLCs and corporations are no longer required to file a BOI report — only entities formed under foreign law that are registered to do business in a US state remain 'reporting companies' and must file (and they need not report US-person beneficial owners).

These deadlines no longer apply to US domestic companies, which are exempt under FinCEN's March 26, 2025 interim final rule. The remaining deadlines apply only to foreign reporting companies: those registered to do business in a US state before March 26, 2025 had 30 days from that date to file; those registered on or after March 26, 2025 must file within 30 calendar days after their registration becomes effective. For those still subject to the rule, any update to beneficial ownership information — an owner's address change, ID expiration, or change in ownership percentage — must be reported within 30 days of the change occurring.

Because US domestic companies are now exempt under FinCEN's March 26, 2025 interim final rule, these penalties no longer apply to them — FinCEN has stated it will not pursue penalties against US companies. For foreign reporting companies still subject to the rule, civil penalties under the Corporate Transparency Act are $606 per day for each day a report is late, overdue, or contains false information (adjusted for inflation effective January 17, 2025; the starting amount was $500/day). Criminal penalties can include up to $10,000 in fines and up to two years in prison for willful violations.

A beneficial owner is any individual who, directly or indirectly: (1) owns or controls at least 25% of the company's ownership interests, OR (2) exercises substantial control over the company (e.g., a senior officer, board member, or anyone with authority over significant business decisions). A single company may have multiple beneficial owners if more than one person meets either prong of this test.

For each beneficial owner you must provide: legal full name, date of birth, current residential street address, and a unique identifying number from a non-expired government-issued ID (US passport, state driver's license, or state ID card). You must also upload an image of that ID document. For foreign beneficial owners without US IDs, a foreign passport is acceptable.

No. Under FinCEN's interim final rule effective March 26, 2025, a US-formed single-member LLC is a domestic entity that is exempt from BOI reporting and is no longer required to file. Only entities formed under foreign law and registered to do business in a US state remain "reporting companies" under the CTA.

FinCEN maintains a BOI E-Filing system that allows authorized third-party preparers to file on behalf of reporting companies. Kicker is integrated with this system as an authorized API filer, which means we submit directly to FinCEN's BOIR portal programmatically. You receive a FinCEN transcript confirming the successful submission.

No. A newly formed US LLC is no longer a reporting company under FinCEN's March 26, 2025 interim final rule and is not required to file a BOI report, regardless of revenue or whether it has opened a bank account. Only foreign-formed entities registered to do business in a US state must still file.

For US domestic companies this no longer applies — they are exempt from BOI reporting (and therefore from update filings) under FinCEN's March 26, 2025 interim final rule. The 30-day update obligation remains only for foreign reporting companies still subject to the CTA: they must file an updated (amended) BOIR within 30 days of any change to previously reported information — an owner's address, name (e.g., after marriage), a new government ID number, a change in ownership percentage, or a new person gaining substantial control. Our Amendment plan ($49) handles any update filing.

US domestic companies — whether formed before or after January 1, 2024 — are exempt under FinCEN's March 26, 2025 interim final rule and are not required to file a BOIR; there is no January 1, 2025 deadline or accruing penalty for them. If your company was formed under foreign law and is registered to do business in a US state, it is still a reporting company: we can prepare and file your initial BOIR or any amendment, and you should file as soon as possible if your deadline has passed.