Simplify Your Beneficial Ownership Information (BOI) Reporting

The Paychex BOI Reporting Service assists businesses with their reporting obligations

Get Help with BOI Compliance

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New Federal Reporting Requirements in 2024

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Business Requirements

Most businesses must report their beneficial owners. A beneficial owner is someone who has a stake of 25% or more in a legal entity or corporation, or a significant management role. A business may have multiple beneficial owners that own or control the company.

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BOI Reporting Deadlines

Businesses in existence prior to Jan. 1, 2024, must file by Jan. 1, 2025. New businesses created in 2024 have 90 days from creation or registration to file their initial report. New businesses created on or after January 1, 2025, will have 30 days from creation or registration to file. Amended reports must be filed no later than 30 days after the date of the change.

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Penalties for Non-Compliance

Potential civil penalties include fines of $591 per day, up to $10,000, while criminal penalties could include imprisonment of up to two years.

Frequency of BOI Reporting

If there is a change in beneficial owner information, an amended report must be filed no later than 30 days after the date of the change. The Paychex BOI Reporting Service can take this added burden off your business to further assist you with your reporting obligations.

BOI Reporting FAQ

What Are the Reporting Company Requirements?
What Are the Reporting Company Requirements?

The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) requires most domestic and foreign businesses who are registered to do business in the U.S. to report their BOI starting in 2024.

All corporations, LLCs (Limited Liability Company), or other businesses who file documents with the Secretary of State (or similar office) are included in this requirement.
Who Needs to File a BOI Report?
Who Needs to File a BOI Report?

Companies are required to identify and report beneficial owners in a BOI report and may also need to include information on the reporting company. Typically, the responsibility of filing does not fall on the individual.
What Companies Are Exempt From BOI Reporting?
What Companies Are Exempt From BOI Reporting?

There are 23 exemptions to BOI reporting. Paychex can help to determine if your business meets the criteria for an exemption.