Beneficial Ownership Information BIO Reporting Resources

Beginning January 1, 2024, the beneficial ownership information (BOI) reporting requirements started and will be phased in over a two-year period as mandated by the 2021 Corporate Transparency Act. Under these new rules, covered entities must report specified information about certain owners and officers to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and must timely update any changes going forward. Failure to comply with these requirements can result in significant penalties. [link to newsletter article]

Initial BIO Report

When you are ready to file your initial BOI report, FinCen is providing two different options. You can download a fillable PDF to complete and then upload to the FinCen filing system or you can complete the report through an online filing form. The FinCen BOI filing website has detailed instructions and step-by-step guides to walk you through the filing process. These resources are available in the Help section of the BOI filing website.

For your initial BOI report the following information will need to be provided.

For the reporting company:

  • Full legal name;
  • Any trade name or “doing business as” name;
  • Complete current U.S. address;
  • Jurisdiction of formation (including State1 or Tribal jurisdiction for a domestic reporting company);
  • For a foreign reporting company only, State or Tribal jurisdiction of first registration; and
  • IRS Taxpayer Identification Number (TIN), including an Employer Identification Number (EIN) (or, if a foreign reporting company has not been issued a TIN, the reporting company’s foreign tax identification number and the name of the issuing jurisdiction)

For each beneficial owner and each company applicant required to be reported:

  • Full legal name;
  • Date of birth;
  • Complete current address;
  • Unique identifying number and issuing jurisdiction from one of the following nonexpired documents: (1) U.S. passport; (2) identification document issued by a State, local government, or Indian Tribe issued for the purpose of identifying the individual; (3) State-issued driver’s license; or (4) if none of (1)–(3) are available, a foreign passport; and
  • An image of the document from which the unique identifying number was obtained

BIO Report Updates

When there is any change to any beneficial ownership information or loss of an exemption to the BOI report, a subsequent report is due within 30 days of that change. If an error is identified in a report, a corrected report is due within 30 days.

The subsequent reports are defined as “Update prior report” file type in the online filing form. To complete these subsequent reports, go the FinCen BOI filing website.


Selden Fox is very professional and thorough in their work and services. The staff was very easy to work with and and very helpful.

Although Selden Fox will not be filing BOI reports on behalf of clients, we are happy to assist you and your organization with the process or refer you to a law firm that could assist. If you have any questions related to the Beneficial Ownership Information reporting requirements, complete the form below and a member of our team will reach out shortly.

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