BOI compliance expert-guided program

A. Current regulatory status (short, accurate headline) - As of the FinCEN interim final rule (published March 26, 2025), domestic U.S. companies and U.S. persons were exempted from BOI reporting under the CTA; the BOI reporting requirement now applies primarily to foreign entities formed under foreign law that have registered to do business in U.S.

States or Tribal jurisdictions (see FinCEN news release and Small Entity Compliance Guide). Deadlines for those foreign reporting companies were short (pre-existing registrants had until April 25, 2025 in most cases; entities registering after the IFR generally have 30 days after notice to file).

Because guidance and materials were published before that IFR, some older guidance remains but should be read in light of the IFR. B.

Practical implications for US business owners and LLC founders - If you are a domestic U.S. LLC/corporation: currently (per FinCEN IFR) you are not required to file a BOI report with FinCEN; however: (1) keep complete BOI records internally (names, DOB, addresses, ID document number and image, evidence of ownership/control); (2) remain ready to file if regulatory changes occur or if you become a foreign reporting company (e.g., re-domestication, conversion, or registration triggered abroad); (3) retain BOI data for banking CDD, investor diligence, acquisitions, and contract/vendor onboarding; (4) implement an internal compliance policy and record-retention and update processes. - If you are a foreign entity registered to do business in the U.S.: you may be required to file BOI to FinCEN.

Confirm whether you fall in the revised definition of “reporting company” and meet any exemptions. Note the IFR deadlines and follow FinCEN filing procedures (BOI e-filing portal).

C. Components of an expert-guided BOI compliance program (recommended service offering / blog sections)

Because guidance and materials were published before that IFR, some older guidance remains but should be read in light of the IFR. B.

If you are a foreign entity registered to do business in the U.S.: you may be required to file BOI to FinCEN. Confirm whether you fall in the revised definition of “reporting company” and meet any exemptions. Note the IFR deadlines and follow FinCEN filing procedures (BOI e-filing portal). C. Components of an expert-guided BOI compliance program (recommended service offering / blog sections)

Initial assessment / intake (determine reporting status) - Determine entity type (domestic vs foreign); date of formation/registration; whether an exemption applies (large operating company, inactive entity, government-owned, etc.); record relevant jurisdictional filings and conversion history.

Beneficial owner identification and mapping - Use FinCEN definitions

beneficial owners are individuals with substantial control or owning/controlling >=25% of ownership interests. Provide flowcharts and examples (control vs ownership scenarios).

Data collection & verification workflow - Data points to collect

full legal name, date of birth, residential/business address, ID type/number/issuer, and image of ID (driver’s license, passport, or comparable). For companies: legal name(s), DBA, principal office address, jurisdiction of formation/registration, TIN (or foreign tax ID for foreign entities). - Verification: obtain acceptable ID images, corroborate addresses, maintain chain-of-custody records, log who collected the data.

Internal policy & governance - Draft a BOI policy; assign roles (owner, reviewer, filer); include a retention schedule, access controls, audit trail, incident response, and legal hold procedures.

Filing & updates (for entities that must file to FinCEN) - Use FinCEN’s BOI E-Filing portal/API. Ensure the authorized filer certifies accuracy. Maintain submission acknowledgements and transcripts. - Update rules

when to file updates (e.g., change of beneficial owner, change of address, change in company name or jurisdiction). Follow FinCEN timelines for corrections/updates (safe-harbor if corrected within 90 days of deadline for original report may avoid penalty).

Recordkeeping, data security, and access - Strong encryption, least-privilege access, and retention consistent with corporate governance and third-party requirements. Note FinCEN stores reports in a secure non-public database; internal copies must be protected similarly.

Training & outreach - Train senior officers, incorporators, registrars, and staff on BOI definitions, who is a beneficial owner, and the company’s collection procedures. Warn about scams soliciting BOI.

Third-party vendor management - If using lawyers/accountants/filers, require authorization documents, maintain evidentiary file, and validate the vendor’s security practices and use of FinCEN API if applicable.

Monitoring & regulatory watch - Maintain subscriptions to FinCEN, Treasury, and state SOS updates; schedule periodic legal review to detect further changes. D. State-specific considerations (general guidance for "General US / all states") - Many state Secretaries of State and the National Association of Secretaries of State (NASS) updated guidance after FinCEN’s March 2025 IFR. States treat entity formation filings as public records; state filing obligations are not substitutes for a federal BOI filing when required by law. Some states and localities may have their own disclosure obligations or emerging proposals — advise clients to check the relevant state SOS pages and state statutes for any additional disclosure or registration obligations. (Provide links to major SOS guidance and NASS resources.) E. Common pitfalls and risk areas to highlight - Relying on state or bank filings as a substitute for FinCEN reporting when reporting is required. - Failing to collect/retain ID images and verification evidence. - Misidentifying beneficial owners (treating non-natural persons as beneficial owners). - Not updating reports or records when ownership/control changes. - Falling prey to fraudulent solicitations requesting BOI data. F. Suggested checklist (actionable for newsletter CTA / blog download)

Determine whether your entity is subject to FinCEN BOI reporting under current IFR (domestic vs foreign).

If required

gather company and beneficial owner info and file via FinCEN BOI portal within the applicable deadline.

If not required

collect and securely store BOI data internally and implement an update policy.

Train staff and set calendar reminders for re-checks and regulatory updates.

Review bank & vendor CDD requirements to ensure compliance. H. Recommended next steps for content creation and resources to link - Link primary authoritative sources (FinCEN BOI main page, FinCEN news release/IFR, FinCEN FAQs, the Small Entity Compliance Guide, Federal Register IFR notice, IRS guidance, state SOS pages and NASS). Provide a downloadable checklist and sample BOI collection form and template BOI policy. Final recommendation You have the substantive materials needed to produce a comprehensive blog post and newsletter. Key priorities for the content

- Immediately state the regulatory change (FinCEN IFR March 26, 2025) and its practical meaning for U.S. domestic businesses. - Provide clear, practical steps for LLC founders whether they are (A) domestic entities (collect/retain BOI, implement policy, monitor updates) or (B) foreign entities registered in the U.S. (confirm reporting obligation and file via FinCEN portal within deadlines). - Offer an expert-guided program outline (assessment, collection & verification, policy, filing support, vendor management, training). - Include downloadable templates (BOI data collection form, BOI policy, checklist) and authoritative links.