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Version: 1.7.3

Beneficial Ownership Information Reporting (BOIR)

Important

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

More information is available on FinCEN’s website at https://www.fincen.gov/boi.

Under the Corporate Transparency Act (CTA), FinCEN requires most small businesses to report their Beneficial Ownership Information (BOI) starting on January 1, 2024. Our API provides a simplified way to automate BOI reporting, ensuring FinCEN compliance while reducing the manual processes involved. We support all types of BOI reports – Initial, Update, Correction, and Newly Exempt Entity.

How BOIR Reporting Works in TaxBandits API?​

You can follow the steps below to submit an BOI Report to FinCEN using TaxBandits API.

  • Complete OAuth 2.0 Authentication - This is a common step for every endpoint. Before using any endpoint, you must get the access token. This access token must be provided in the request header as the ‘Bearer‘ token. For detailed information, click here.
  • Create BOI Report - Use the BOIR/Create endpoint to create the BOI report for the respective reporting company. Based on the type of report required, set the ‘ReturnType’ as INITIAL, UPDATE, CORRECT or EXEMPT. For detailed information, click here.
  • Include Identification Documents - Use the BOIR/AttachDocuments endpoint to attach the required identification documents for the beneficial owners and company applicants.
  • Submit BOI Report - Use the BOIR/Transmit endpoint to submit the BOI report to FinCEN.
  • Get Status of BOI Report - Use the BOIR/Status endpoint to retrieve the status of your BOI report submitted to FinCEN. You can also configure Webhooks for the event type ‘BOI Report Status Change’ to know the status change immediately.
  • Get Transcript (Optional) - If you prefer to get the transcript of the BOI report, you can use the BOIR/GetTranscript endpoint.
  • View Attachment (Optional) - If you prefer to view the identifying documents attached to the BOI report, you can use the BOIR/ViewAttachment endpoint.

Rejection Handling​

If FinCEN rejects your BOI report, you can use the Edit endpoint to make changes based on the rejection reason and resubmit it to FinCEN. You won’t be charged any additional credits for resubmitting a rejected return.

Workflow of Rejection Handling:​

    Step 1: When FinCEN rejects your report, check the reason for the rejection.
    Step 2: Fix the error using the BOIR/Edit endpoint with the SubmissionId or ReportNumber.
    Step 3: Submit your return to FinCEN using BOIR/Transmit endpoint.
    Step 4: Know your status using BOIR/Status endpoint or BOI Report Status Change Webhook