FBAR Foreign Bank Financial Account Reporting

⚠️ NOTICE: The deadline to file the Report of Foreign Bank and Financial Accounts (FBAR) to FinCEN coincides with the current IRS tax season filing deadline for annual tax returns. Failure to file may be subject to a civil penalty up to $10,000 per violation.

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Frequently Asked Questions – FBAR Filing

What is Beneficial Ownership Information Reporting?
Beneficial Ownership Information Reporting (BOIR) is a requirement for each business entity formed with the Secretary of State. It involves submitting identifying information about the individuals who own or control the business, ensuring compliance with federal regulations.
With BOIR Reporting Service, you’ll receive timely reminders when it’s time to file based on your business’s formation date. We’ll collect the necessary information from you, prepare an accurate report with details about your company’s beneficial owners, and file it on your behalf with the Financial Crimes Enforcement Network (FinCEN). You’ll receive a confirmation once the report is successfully submitted, so you can be confident in meeting the compliance
A beneficial owner is anyone who either:
  • Directly or indirectly owns or controls at least 25% of the company’s ownership interests, or
  • Exercises substantial control over the business.
If you’re unsure, you can consult with a professional to assess your role within the company.
Beneficial owners with substantial control can include:
  • Key decision-makers within the company,
  • Senior officers such as the President, CEO, CFO, General Counsel, or COO,
  • Individuals with the authority to appoint or remove officers or directors.
Additionally, if your business was formed after January 1, 2024, you must provide information about the individuals involved in its formation, even if they don’t qualify as beneficial owners.
Corporations and limited liability companies (LLCs) that qualify as reporting companies must file a BOIR. This involves reporting information about the individuals who own or control the business. Noncompliance could result in civil and criminal penalties. Most business entities are required to file unless exempt under specific criteria.
This rule, part of the Corporate Transparency Act, mandates that businesses report individuals who benefit from or control a legal entity. The law is aimed at increasing transparency around business ownership structures to combat financial crimes such as money laundering, corruption, tax fraud, and more. Businesses must document and report anyone who holds a 25% or greater ownership interest or who exercises significant control over the company.

The new BOIR requirement can be complex, and failing to comply can lead to serious penalties, including fines or imprisonment. Using a service like BOIR Reporting Service ensures compliance by simplifying the process. We make it easy for you by collecting your information, preparing a custom report, and submitting it directly to FinCEN on your behalf.


This saves you time, reduces risk, and ensures your business remains in good standing with the federal government.

Beneficial owners must provide:
  • Legal name
  • Date of birth,
  • Address
  • A copy of an acceptable ID (such as a passport or driver’s license), including its issuing jurisdiction and ID number
FinCEN has identified 23 categories of exempt business entities, including:
  • Securities issuers.
  • Banks and credit unions.
  • Government entities.
  • Insurance companies.
  • Public utilities.
  • Large operating companies (with over 20 employees, over $5 million in revenue, and a physical U.S. presence)

Other exempt entities include non-profits, trusts, and certain financial service companies.

FinCEN has identified 23 categories of exempt business entities, including:

Tax-exempt companies include those:
  • Classified as exempt under Section 501(c) of the Internal Revenue Code (such as nonprofits)
  • That lost tax-exempt status within the past 180 days.
  • Defined as political organizations under Section 527(a).
  • Defined as trusts under Section 4947(a).

A large operating company is exempt if it meets the following criteria:

  • More than 20 full-time U.S. employees.
  • More than $5 million in gross receipts or sales.
  • A physical presence in the U.S.
  • It is regulated under a federal regime or owned by an exempt entity.

Inactive entities are exempt if they:

  • Were formed before January 1, 2020.
  • Are not engaged in business.
  • Are not owned by foreign persons.
  • Have not conducted transactions over $1,000 in the past year.
  • Have no assets in the U.S. or elsewhere.

Certain individuals and roles are exempt from being considered beneficial owners, such as minor children, individuals who only act as intermediaries for financial institutions, or those who hold property on behalf of another.

As of 2024, all LLCs—including single-member and multi-member LLCs—are considered reporting companies and must file a BOIR. This includes providing the U.S. government with identifying information about the company’s beneficial owners to meet the new requirements.

If the ownership or control of your company changes, or if any identifying information changes, you must file an updated BOIR within 30 days. This also applies to changes in tax-exempt status or if any errors in the initial filing are discovered.

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