BOI Basics with SnapFile
Under the Corporate Transparency Act, most businesses and HOAs must file a Beneficial Ownership Information (BOI) report with FinCEN by January 1, 2025. Non-compliance can result in fines of $500+/day. Here’s everything you need to know—and how SnapFile can help.
UNDERSTAND THE BASICS
Beneficial Ownership Information (BOI) reporting is a requirement under the Corporate Transparency Act (CTA) that mandates U.S. companies to disclose information about their beneficial owners—individuals who own or control at least 25% of the company or exercise significant control over it. This report aims to increase transparency and combat illicit activities like money laundering.
- Companies formed or registered before January 1, 2024, must submit their BOI reports by January 1, 2025, while those established after this date must file within 30 days of formation.
- Failure to comply with BOI reporting can result in significant penalties, including fines of more than $500 per day of non-compliance and potential criminal penalties of up to $10,000 and two years in prison.
EVALUATE YOUR NEEDS
Around 98% of businesses have to file, but there are exceptions. Take our 1 minute quiz to see if you need to file.
Click below to start your 1 minute quiz to tell you if you need to file a BOI report for your company.
Your company IS likely required to file a BOI report
Based on your responses, you likely DO have to file your BOI report. Don't worry! We'll make it easy for you. Scroll down to find out what information you need to file and how to file with SnapFile.
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File Now
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Congratulations! Your company is likely NOT required to file a BOI report
Based on your responses, it's likely that you DO NOT have to file your BOI report. We understand if you want to verify for yourself, so please feel free to check the links below.
Question 1/4 - Is your company a nonprofit, tax-exempt organization?
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Question 2/4 - Does your company meet ALL of the following criteria for a large operating company?
Question 3/4 - Is your company an inactive entity formed before January 1, 2020, with no business activity or significant assets?
Question 4/4 - Does your company fall into one of these financial, insurance, or investment categories?
GET PREPARED
To file your Beneficial Ownership Information Report (BOIR), you only need a few things. You can usually find information about your company from incorporation documents and previous tax filings.
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Image of Government-Issued Photo ID for every owner of the business
Tax ID for your company (usually EIN or SSN)
Incorporation location for your company
GET STARTED
With SnapFile, we take you through the process step-by-step with custom help instructions based on your specific company and situation. If you ever do get stuck, our support team is available 7 days a week at support@getsnapfile.com.
BOI compliance, simplified.
contact@getsnapfile.com
Boston, MA
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