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. If you have already submitted all required report information but your report is not yet filed, you can request it not be filed by submitting a ticket inside the portal and receive a refund within 5 business days.
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  • Easy filing flow guides you through the regulation.
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  • No limit to the amount of beneficial owners you can add.
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Question 1

Does your company make over $5,000,000 and employ more than 20 full-time employees?

See why over 10,000 businesses already use our simple and secure BOI reporting platform.

What is Beneficial Ownership Information Reporting?

The Corporate Transparency Act introduces a Beneficial Ownership Information Report for businesses. With your dashboard, filing is simple and straightforward. Say goodbye to stress and hello to TurboCTA — your solution for seamless compliance.

COMPLETE YOUR REPORT IN 3 EASY STEPS >

Step 1

Get Compliance Confidence for Just $199 per year.

Plus only $149 for additional companies

Free Reporting Dashboard: Update reports easily.
Automatic Alerts: Stay compliant with instant notifications.
Cancel Anytime: No long-term commitments.

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Step 2

Effortless FinCEN Reporting


Easy Data Entry: Quickly input your information with our user-friendly dashboard, no need to study regulations.
Expert Review: Professional filers review your submission for errors.
Worry-Free Filing: File penalty-free knowing you've provided the right details.
Efficient Reporting, Zero Stress.

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Step 3

Click File & Enjoy peace of mind


Hassle-Free Submission: We handle the rest and provide confirmations of your FinCEN BOI report filing fast.
Flexible Updates: Return anytime for swift, cost-free adjustments to your report.
All Included with Your TurboCTA Dashboard.

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Prefer to Pay a One-Time Fee or Have Multiple Companies? No Problem!

$199 includes your initial report and any updated reports you need for 2024. Plus your additional companies get a 25% discount to $149.

You can cancel anytime but get free updated reports while you are active with TurboCTA
Free tip: Updated reports are required when an owner changes their residence.
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Use our free analyzer tool now to determine if your LLC, Corporation, or S Corp needs to file. Check in just 1 minute to stay informed and confident in your compliance status.

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Simple year-round compliance for only $199

Why choose TurboCTA for BOI reporting

Skip the hours of FinCEN filing research, costly assistance fees, and confusing plan options. With us, it’s simple: one plan, $199 per year, all-inclusive. Plus receive 50% off additional companies! Cancel anytime hassle-free.

Compliance in Minutes

Skip reading the FinCEN regulation guide. Our platform collects and files all Corporate Transparency Act info securely, so you can focus on growing your business.

Free Updated Reports

Stay Updated: Avoid penalties with our free updated reports. Refile in minutes for just $149/year—no extra charges for address changes

Ongoing Support

Receive free alerts and stay compliant to avoid penalties. Get instant proof of correctly filed reports for accurate submission to FinCEN.

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Boir Filing Comparison

Unlock Premium Benefits for Your BOI Filing at Unbeatable Prices

Choosing TurboCTA lets you get compliance done fast so you can go back to running your business. We offer all of the benefits to make beneficial ownership information reporting easy without overpaying for compliance.

TurboCTA Others
Initial Report Cost
$199
$99 to $900
Updated Report Cost
Free
$49 to $400
Easy Explained Reporting Process
Monthly Compliance Alerts
Compliance Dashboard
Compliance Certificates
Multiple Companies Supported
Invite Other Owners to Add Information
Store Info for Future Fast Report Updates
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What are updated beneficial ownership information reports?

Ensure Compliance Effortlessly with FREE FinCEN Report Updates!
Under the Corporate Transparency Act, timely updates to your FinCEN report are mandatory whenever there’s a change in ownership or company details—commonly due to an owner’s residential address change or office relocation. Avoid penalties by filing updated reports within 30 days of any change.

With our service, compliance is not only instant but also hassle-free and without cost. Unlike other platforms, we preload your last report, allowing for swift edits. Update your BOI report effortlessly in minutes, not hours, ensuring you meet the 30-day requirement with ease and without the fees.

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What are corrected beneficial ownership information reports?

Mistakes in FinCEN filings are common, often due to the platform’s confusing interface and complex requirements. If you spot a mistake, you’ve got 30 days to amend your report and avoid penalties.

With TurboCTA’s $199 package, you’ll receive FREE amendments! TurboCTA simplifies every step, ensuring compliance is effortless. Say goodbye to headaches and hello to seamless, hassle-free compliance today!

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What if I am a beneficial owner of more than one reporting company?

Easily manage beneficial ownership reports for all your companies with TurboCTA. Add multiple companies to your dashboard and centralize all your Corporate Transparency Act tools and records in one convenient place.

With TurboCTA, the first company costs only $199 per year, inclusive of free updated reports for as long as you remain active. Plus, enjoy a 50% discount on additional companies!

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What Does the Beneficial Ownership Information Reporting Rule Mean?

The Beneficial Ownership Information Reporting Rule is part of the Corporate Transparency Act. It introduces a new reporting requirement overseen by the Financial Crimes Enforcement Network (FinCEN), a part of the U.S. Department of the Treasury.

This rule aims to make the ownership of companies more transparent. It is designed to help the U.S. government tackle various financial crimes, including money laundering, corruption, human trafficking, drug trafficking, tax evasion, and scams targeting employees, customers, or other businesses.

Promoting transparency and accountability in corporate ownership, the Beneficial Ownership Information Reporting Rule strengthens the U.S. government’s efforts to deter corporations from concealing or benefiting from actions that harm others.

How to file beneficial ownership

Who Qualifies as a Beneficial Owner?

A beneficial owner under the Corporate Transparency Act is someone who, either directly or indirectly:

  • Owns or controls at least 25% of your company's ownership interests.
  • Exercises substantial control over your business.

Common examples of someone who exercises substantial control can include:

  • Key decision-makers in the company like the manager of an LLC.
  • High-ranking people include the president, CEO, CFO, COO, general counsel, or similar positions. substantial control over your business.
  • Individuals with the authority to appoint or dismiss certain key positions or the majority of the company's board members."
  • Anyone else with the ability to direct the business in matters such as sales or purchase of assets, leasing, product lines, strategy, investments, or similar important decisions.
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What Happens if You Don't File the Beneficial Ownership Information Report?

Every business must send a report listing everyone who controls or owns the company. If you don’t follow this rule or give the wrong information to FinCEN (the Financial Crimes Enforcement Network), there are significant penalties under the Corporate Transparency Act.

If you don’t file or lie on purpose, you could go to jail for up to two years and/or have to pay up to $10,000. Plus, you might get fined up to $500 every day that you are late.

Even if you file on time, mistakes can still lead to trouble. Ensure accuracy, simplify compliance, and avoid penalties with our user-friendly platform.

Corporate Transparency Act requirements

When Do You Have to File the Beneficial Ownership Information Report?

This rule started on January 1, 2024, and it is required.

When you need to send in your report depends on when your business started, which we can help you figure out.

If your business started before January 1, 2024, you have until December 31, 2024, to send your report.

If it started on or after January 1, 2024, you have 90 days from when it started.

And if your business changes something important after January 1, 2024 and you have already filed an initial report, you have 30 days to send in a new report. You have free updates with TurboCTA.

Ensuring compliance with this regulation is essential to safeguard your business from legal liabilities, hefty fines, and other adverse consequences. Start filing today to mitigate any risks and keep your business protected.

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How Can I Get a Beneficial Ownership Information Report?

Our Beneficial Ownership Information Report service ensures a hassle-free process for meeting your reporting obligations. Here’s how it works:

  • Easy Submission: Our platform walks you through the regulation and collects the required and correct filing information from you in minutes..
  • Report Review: Our expert filing team will review your details for accuracy before filing your report to FinCEN.
  • Timely Filing: We'll promptly handle the filing process with the Financial Crimes Enforcement Network (FinCEN) on your behalf, ensuring your report is submitted on time.
  • Confirmation: After filing, we'll confirm successful completion, giving you peace of mind that you've met the compliance requirement.

What Information Does the Beneficial Ownership Information Report Include?

The report contains essential details about your business and its owners:

  • Company Information: This includes your business's full legal name, any trade names, address, federal tax ID number (or EIN), and the jurisdiction where it was created.
  • Owner Details: The report includes the full legal names, birth dates, current addresses, and images of acceptable identification documents (such as passports or driver's licenses) for each owner. If the person who filed your entity formation documents (the applicant) is not one of the beneficial owners, their information will also get collected.

Our service simplifies FinCEN reporting, saving you time and ensuring precision. Take the first step toward effortless reporting – get started today and be compliant in minutes!

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How do LLCs fit into the Beneficial Ownership Information Reporting Rule?

LLC owners must comply with the new reporting regulation, whether the company is single-member or multi-member. This involves submitting essential company and owner details to FinCEN.

Who doesn't need to file a Beneficial Ownership Information Report?

Certain entities, including publicly traded companies, tax-exempt nonprofits, specific large operating companies, and others meeting particular criteria, are exempt from this requirement. The Financial Crimes Enforcement Network outlines 23 types of exempt entities and identifies individuals who don’t qualify as beneficial owners under this regulation.

Discover if your company qualifies for an exemption from the Beneficial Ownership Information Reporting Rule with our convenient “Check My Company” tool, simplifying the process so you can focus on your business.

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Frequently Asked Questions

What is beneficial ownership information reporting?
Beneficial ownership refers to identifying individuals who have substantial control over a company or own at least 25 percent of its ownership interests. It’s crucial for transparency and combating illegal activities like money laundering.
Corporations and LLCs are required to report identifying information about business owners or controllers to the Financial Crimes Enforcement Network under the Corporate Transparency Act, unless exempted.
A beneficial owner is someone who directly or indirectly owns or controls at least 25% of your company’s ownership interests or exercises substantial control over your business operations. If you’re uncertain about your status, consulting with one of our experts can provide clarity
Beneficial ownership reporting mandates companies to disclose information about individuals exerting significant influence over the company or owning at least 25% of its shares. Companies must furnish details such as legal names, dates of birth, addresses, and provide an image of an acceptable identification document, like a passport or driver’s license, along with relevant issuing jurisdiction and document ID number.
To get started on your Beneficial Ownership Information Report, simply click here. TurboCTA will then prepare an accurate report containing identifying information about your business owners or controllers. This report will be promptly filed with the Financial Crimes Enforcement Network, and you’ll receive confirmation of successful submission for hassle-free compliance and peace of mind. With TurboCTA, you’ll also receive timely notifications for filing your report based on your business and formation date.
The purpose of beneficial ownership is to identify individuals who have substantial control over a company or own at least 25 percent of its ownership interests. This promotes transparency and accountability in business operations, preventing illegal activities like money laundering.
The Corporate Transparency Act alters reporting requirements for beneficial ownership information, obligating businesses to identify and document individuals holding 25% or more ownership interest or substantial control. This legislation aims to enhance transparency and combat financial crimes.
A beneficial owner needs to provide their full name, date of birth, address, and a valid identification document like a passport or driver’s license. This document should include details such as the issuing authority and identification number.
The Beneficial Ownership Information Reporting Rule, part of the Corporate Transparency Act, requires identification of individuals benefiting from a legal entity. This rule aims for transparency and aids the government in combating financial crimes like money laundering, corruption, and fraud.

The deadline for filing a beneficial ownership report depends on when the reporting company was created or registered.

  • If the company was created or registered before January 1, 2024, it has until January 1, 2025, to file its initial BOI report. 
  • However, if the company was created or registered in 2024, it has 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.

It’s essential for companies to adhere to these deadlines to avoid fines or penalties.

When changes occur in the ownership structure or key identifying details of your business, it’s necessary to update your beneficial ownership information report.  For instance, if there’s a change in ownership due to a minor reaching adulthood or if your company gains tax-exempt status, you’ll need to submit an updated report. Similarly, if there are any inaccuracies in the initially reported information or if there are amendments to your formation documents, an updated report is required.  TurboCTA ensures that updates and changes to reports are made free of charge, allowing you to maintain compliance seamlessly. You’ll have a 30-day window from the date of the change or amendment to file the updated report.
Members of Limited Liability Companies (LLCs) will be designated beneficial owners under the Corporate Transparency Act and must file reports with relevant federal agencies, providing detailed business and owner information.
Exemptions from being listed as a beneficial owner include minors, individuals acting as nominees, employees without significant ownership, and those with only inheritance-based interests. To determine if your company qualifies for exemptions, you can use TurboCTA’s Company Exemption Check Tool.
Tax-exempt entities recognized by the IRS under section 501(c) of the Internal Revenue Code, political organizations, trusts, and entities losing tax-exempt status within 180 days may be exempt from reporting beneficial ownership information. You can verify your eligibility for exemptions using TurboCTA’s Exemption Check Tool.
Tax-exempt entities recognized by the IRS under section 501(c) of the Internal Revenue Code, political organizations, trusts, and entities losing tax-exempt status within 180 days may be exempt from reporting beneficial ownership information. You can verify your eligibility for exemptions using TurboCTA’s Exemption Check Tool.
Inactive entities meeting criteria like establishment before Jan. 1, 2020, lack of active business engagement, and minimal transactions or assets may be exempt from reporting beneficial ownership information. Utilize TurboCTA’s Exemption Check Tool to determine if your entity qualifies for exemptions.

Find out if your business meets the criteria for exemption from reporting obligations with TurboCTA’s Exemption Check Tool, which compares your business details against the 23 types of exempt entities identified by the Financial Crimes Enforcement Network.

  1. Securities reporting issuer
  2. Governmental authority
  3. Bank
  4. Credit union
  5. Depository institution holding company
  6. Money services business
  7. Broker or dealer in securities
  8. Securities exchange or clearing agency
  9. Other Exchange Act registered entity
  10. Investment company or investment adviser
  11. Venture capital fund adviser
  12. Insurance company
  13. State-licensed insurance producer
  14. Commodity Exchange Act registered entity
  15. Accounting firm
  16. Public utility
  17. Financial market utility
  18. Pooled investment vehicle
  19. Tax-exempt entities
  20. Entity assisting a tax-exempt entity
  21. Large operating company
  22. Subsidiary of certain exempt entities
  23. Inactive entity
TurboCTA offers a streamlined solution to navigate the complexities of the Corporate Transparency Act and its latest requirement—the Beneficial Ownership Information Reporting Rule, effective Jan. 1, 2024. For small business owners focused on growth, staying compliant can be challenging. That’s where TurboCTA comes in. By leveraging TurboCTA, businesses can proactively address reporting requirements and avoid potential legal ramifications. Our service simplifies compliance with three straightforward steps:
  1. Users provide basic information about their business and its owners. 
  2. TurboCTA generates a personalized and accurate report that meets regulatory standards. 
  3. We handle the filing process with the Financial Crimes Enforcement Network, providing peace of mind with confirmation of completion.

With TurboCTA, small business owners can save valuable time and resources while ensuring compliance with the law. Don’t risk penalties or fines—take control of your compliance obligations with TurboCTA today.

TurboCTA offers a comprehensive compliance solution to simplify the Corporate Transparency Act filing process. With our intuitive online platform, you can easily file your mandatory FinCEN reports in just 15 minutes. 

Our service guides you through the filing requirements, ensuring you provide all necessary information without spending hours reviewing rules.

Our packages provide different levels of support to meet your needs:

Standard Package ($199):

  • Compliance alerts for FinCEN updates
  • Complete filing through TurboCTA platform
  • Fast updated report filings
  • Proof of compliance certificate
  • Included filing support

Plus Package:

  • All features of the Standard Package
  • CPA or Enrolled Agent review
  • Compliance question support

With TurboCTA, you can stay compliant with ease and confidence.