BENEFICIAL OWNERSHIP INFORMATION

Keep your business compliant and avoid penalties of up to $500 per day

Block Advisors can help you stay compliant with the Corporate Transparency Act, which takes effect in 2024.

Starting at $99

Under the Corporate Transparency Act (CTA), if you formed a qualifying business in 2024, you must report Beneficial Ownership Information (BOI) within 90 days of formation. If you formed a qualifying business before 2024, you have until January 1, 2025 to report Beneficial Ownership Information.

Avoid penalties of up to $500 per day

Block Advisors can help you meet your reporting deadline and avoid hefty penalties.

32 million+ businesses are required to report Beneficial Ownership Information in 2024.

Answer a few simple questions to determine if your business is one of them.

Does this apply to my business?

Common business owners who are required to report

ReallyState, LLC

If you registered a real estate business before 2024, you are likely required to report Beneficial Ownership Information by January 1, 2025.

  • Owners: Natasha and Elaine

TLC Caregiving Inc.

If you registered a caregiving business in 2024, you are likely required to report Beneficial Ownership Information within 90 days of formation.

  • Owner: Gretchen

FAQs

As of January 1, 2024, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) requires certain entities to report their beneficial ownership information which includes the entity’s ownership and control structure. The BOI Report provides information about the individuals who ultimately own or substantially control the business entity. This is important because entities are formed through state governments and information about these entities is not necessarily communicated to the federal government by the state government.


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Beneficial ownership refers to the individuals who own or control the entity directly or indirectly, regardless of whether their names appear on official documentation. This includes those individuals who exercise significant control over the company’s operations, decision making and financial matters, even if they don’t have an ownership interest. According to FinCEN, reporting beneficial ownership information is important to promote transparency, prevent financial crimes, and ensure accountability within businesses.

The Financial Crimes Enforcement Network (FinCEN) is a bureau within the U.S. Treasury Department. Its role is to safeguard the U.S. financial system by identifying and providing information about financial crimes, including money laundering and financial terrorism, to the government bodies that prosecute these crimes.

The “Reporting Company” definition generally includes entities that were created by filing organizing documents with a secretary of state or similar office, such as LLCs, corporations, limited partnerships, and foreign entities registered to do business in any U.S. state. Some entities, like heavily regulated financial institutions, tax-exempt organizations, inactive businesses, and others that meet specific operating criteria, are exempt from the BOI Report requirement.

Reporting Companies formed in 2023 or earlier will have until January 1, 2025, to submit their BOI Report. Qualified entities formed after January 1, 2024, will be required to file their BOI Report within 90 days of entity formation.


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After the first BOI Report is filed, updated BOI Reports must be filed within 30 days when there are changes or corrections to any information provided in the BOI Report or changes to exemption eligibility.

Failing to file your BOI Report in a timely manner could lead to civil penalties of up to $500 per day for ongoing violations with a maximum penalty of $10,000. Individuals might also face criminal penalties, including imprisonment for up to two years.


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A BOI Report typically requires disclosing the names, addresses, birthdates, and ownership percentages of individuals who directly or indirectly own or control the business. Owners are also required to report an identification number, such as a driver’s license or passport number, along with a picture of the document. A social security number cannot be used for a BOI Report.

Yes, you can file your own BOI Report directly with FinCEN beginning January 1, 2024. However, using a service, like Block Advisors, provides an easy-to-use platform and resources to help you navigate the information gathering and filing process, saving you time and reducing the risk of harsh penalties.


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  1. See https://www.federalregister.gov/ for information on businesses impacted by CTA.
  2. We are not a law firm or attorneys and our advice, products, and services are not a substitute for those of an attorney or law firm. This site provides general information that should not be construed as legal advice. You may want to consult with an attorney to confirm your BOI reporting obligations.