BOI filing service for consultants

Research steps taken and analysis:

Per instructions, I ran targeted web searches and scraped authoritative FinCEN materials to compile the current BOI (Beneficial Ownership Information) reporting rule and practical guidance for consultants. Sources scraped

FinCEN BOI main page, FinCEN BOI FAQs, FinCEN Small Entity Compliance Guide, and FinCEN BOI e-filing references.

I extracted and compressed the most relevant regulatory details

definitions (reporting company, beneficial owner, company applicant), required data elements for BOI reports, filing process (FinCEN BOI E-Filing System, FinCEN Identifier), timelines and deadlines (including March 26, 2025 interim final rule changes), exemptions, correction/update procedures, enforcement and penalties, third-party filing rules and API availability. 3) I then translated those regulatory requirements into practical, consultant-focused compliance steps and a recommended client intake and documentation checklist, plus best practices for security, recordkeeping, and fee/timing considerations. Summary of all relevant information (compressed): - Current scope and deadlines: As of FinCEN’s March 26, 2025 interim final rule, U.S. domestic entities (previously referred to as “domestic reporting companies”) and U.S. persons are exempt from BOI reporting. The rule now generally applies to certain foreign entities that register to do business in the U.S. Those foreign reporting companies registered before March 26, 2025, must file BOI reports by April 25, 2025; those registered on or after March 26, 2025, generally have 30 calendar days from actual or public notice that registration is effective to file, with transitional timelines (90 days) for entities formed/registered during 2024. (Sources: FinCEN BOI alert; Small Entity Compliance Guide; FAQs.) - Who must report (definitions): FinCEN’s materials define a “reporting company” (subject to change after the IFR), “beneficial owner” (individuals who directly or indirectly exercise substantial control or own 25%+ interests), and “company applicant” (individuals who filed formation/registration documents) for companies created/registered on/after Jan 1, 2024. The Small Entity Guide and FAQs provide checklists for identifying these persons. (Sources: FAQs; Small Entity Compliance Guide.) - Required report content and filing mechanics: For each beneficial owner, BOI must include name, date of birth, residential address, an identifying number from an acceptable ID (e.g., passport or driver’s license) and an image of the ID. Reporting companies must identify themselves and indicate whether the filing is initial, updated, or corrected. Filings are submitted electronically through FinCEN’s BOI E-Filing System ( https://boiefiling.fincen.gov/ ). FinCEN also offers optional FinCEN Identifiers for individuals and companies to simplify filings and updates; APIs are available for third-party/bulk filers. (Sources: FAQs; Small Entity Compliance Guide; FinCEN BOI page.) - Exemptions: FinCEN’s rules list several exemptions (examples: large operating companies, certain regulated entities, tax-exempt entities, inactive entities, and possibly parent/subsidiary special rules). The March 26, 2025 interim final rule specifically removed U.S. domestic reporting obligations; consult the IFR for full exemption criteria and examples. (Sources: Small Entity Compliance Guide; FinCEN alerts.) - Corrections and updates: Companies must file updated reports when required changes occur. If a previously reported company becomes newly exempt, it should file an updated report noting newly exempt status. FinCEN allows corrections and updates through the BOI e‑filing system; use of FinCEN Identifiers can auto-propagate individual updates to linked company reports. (Sources: FAQs; Small Entity Compliance Guide.) - Access, privacy, and enforcement: FinCEN is phasing access to BOI; authorized recipients (law enforcement, certain agencies) will have access under strict safeguards. FinCEN’s enforcement guidance notes potential civil penalties up to daily amounts (statutory amount adjusted for inflation; example cited ~$591/day) and criminal penalties (up to 2 years imprisonment and fines) for willful violations. FinCEN indicates correcting errors within 90 days of a deadline may avoid penalties. (Sources: FAQs; Small Entity Compliance Guide.) - Third-party filing and unauthorized-practice-of-law note: Third-party service providers (consultants, CPAs, non-attorneys) may prepare and submit BOI reports if authorized by the reporting company. Whether preparing/submitting constitutes the unauthorized practice of law depends on state law; FinCEN’s FAQs explicitly note state law governs unauthorized practice determinations and recommend best practices such as maintaining authorization records. FinCEN does not itself require proof of authorization for third-party filers, but recommends maintaining records as a best practice. APIs allow third-party providers to file multiple reports. (Sources: FAQs.) Practical guidance and consultant checklist (actionable): 1. Entity classification: Confirm whether the client is a reporting company under the current rules (post‑March 26, 2025 IFR). For most U.S. domestic LLCs/corporations, FinCEN’s IFR removed reporting obligations—verify foreign/foreign-registered entities separately. 2. Determine deadlines: If the client is a foreign reporting company registered before 3/26/2025, ensure an April 25, 2025 filing (or verify any extensions). For registrations on/after 3/26/2025, plan to file within 30 days of notice of effective registration; for certain 2024 registrations, 90-day transitional deadlines applied.

Collect documentation for each beneficial owner and company applicant

full legal name, DOB, residential address, TIN (if applicable), acceptable ID type and number, and an image of the ID; also gather organizational documents (formation/registration, operating agreement, stock ledger), ownership charts, and KYC evidence showing control/ownership.

Obtain written authorization

Best practice—signed engagement/POA or company resolution authorizing the consultant to file and certify accuracy on behalf of client. Retain as part of your records.

Prepare filings in FinCEN’s BOI E‑Filing System; consider obtaining company and individual FinCEN Identifiers to simplify updates. Use API for volume clients and to maintain secure automation.

Security and privacy

Store ID images and personal data with strong encryption, role-based access, limited retention, and documented data-handling policies.

Recordkeeping

Maintain copies of filings, client authorization, supporting documents, and a change-log for at least several years (and aligned with client contracts).

Fee structures and timing

Charge per-entity flat fees or tiered pricing (simple single-owner LLC vs multi-owner entities), plus hourly rates for complex ownership tracing and special situations (trusts, nominee arrangements). Allow for rush fees when filings must be completed within the 30‑ or 90‑day windows. 9. Common pitfalls: failing to identify indirect or nominee ownership, missing company applicants for entities formed after Jan 1, 2024, relying on outdated guidance (rules changed in 2025), poor ID-image quality, and inadequate client authorization documentation. Recommended next steps for the user (consultant/agency preparing content or service offering): - Use the FinCEN BOI E-Filing portal and FinCEN guidance as the primary authoritative sources; keep citations and links on your service pages. - Build intake templates, an ID-document upload portal with secure storage, and an authorization form. - Create a standard pricing matrix and SLAs for turnaround times aligned to FinCEN deadlines. - Add a compliance-review step to re-check filings when clients change ownership, convert entity types, or undertake jurisdictional changes. Caveats and state-specific notes: - FinCEN’s IFR (March 26, 2025) materially changed scope by exempting U.S. domestic entities; state law and secretaries of state may have other requirements (e.g., conversion filings may trigger a reporting obligation if they create a new reporting company). Consultants should confirm whether state filings or corporate changes produce new reporting obligations (FinCEN FAQs explain conversions and jurisdiction changes may require updated filings). State-by-state beneficial ownership rules are not uniform—check the relevant Secretary of State guidance for any supplemental state-level disclosure obligations or emerging state rules. Conclusion: The FinCEN BOI rule and the March 26, 2025 IFR significantly affect who must file. For many U.S. domestic consultants’ clients (US LLCs/corps), reporting obligations were removed by the IFR; consultants should therefore focus on foreign entities registered in the U.S. and on robust intake, documentation, authorization, secure storage, and reliable filing processes for the entities that do remain subject. The FinCEN BOI e-filing portal, Small Entity Compliance Guide, and FAQs are the authoritative references to cite and follow.