Beneficial Ownership Information (BOI) for Authors: Everything You Need to Know

Like a scary story whispered around a campfire, the U.S. Financial Crimes Enforcement Network’s (FinCEN) “beneficial ownership information reporting” deadline has authors shaking in their boots.

(Threats of $500 a day fines for noncompliance can have that kind of effect on people.)

But what is it exactly?

Who’s impacted?

And what the heck are you supposed to be doing about it?

That’s what I’m going to shed some light on for you today.

IMPORTANT: I’m not a lawyer (much to my mother’s dismay), so this article shouldn’t be taken as legal advice. However, I’ve done my best to gather every piece of relevant information authors need to know about BOI and summarize it in a clear, easy-to-follow guide. If you need legal help, please seek the advice of a lawyer.

With that disclaimer out of the way, let’s dive right in.

We’ll start with the big, obvious question…

What is Beneficial Ownership Information (and What’s its Purpose)?

Beneficial ownership information is identifying details that show who’s really in charge of a company — whether they’re the face on the business card, the puppet master behind the scenes, or just the person cashing the checks while pretending they’re not involved.

On January 1, 2021, the U.S. Congress passed the Corporate Transparency Act (CTA), which made beneficial ownership information reporting a requirement by law.

Its goal? Per FinCEN, it’s to:

What’s the Penalty for Violating BOI Reporting Requirements?

Brace yourself…

According to the Corporate Transparency Act, if you “willfully” ignore the BOI reporting rules, you’re basically setting a financial time bomb that costs you $500 a day.

And because inflation loves to keep things spicy, that number is actually (as of this writing) $591. So, congratulations — you’re losing money faster than you ever thought possible.

But wait, there’s more!

If you’re really committed to bad decisions — like not filing, lying about your ownership, or ignoring updates — you could earn yourself up to two years of free housing in federal prison and a $10,000 fine.

What Authors are Impacted by Beneficial Ownership Information?

If you’re a foreign company (corporation, LLC, etc.) registered to do business in any U.S. State or Tribal jurisdiction by filing a document with a secretary of state or similar office of the State or Tribe…

You’re impacted by BOI.

However, per FinCEN's interim ruling on March 21, 2025, authors and businesses in the United States are no longer required to report BOI.

In short:

• Is your author business a foreign LLC or corporation that's egistered to do business in the U.S.?
• And it's not one of the 23 types of entities that are exempt?

Then BOI applies to you.

Are Sole Proprietor Authors Impacted by BOI?

Not if you're in the United States.

However, if you're foreign, the BOI reporting requirement boils down to how your sole proprietorship was created.

If your foreign sole proprietorship was registered to do business in the United States by filing a document with a secretary of state or similar office, you’re still impacted.

FinCEN’s FAQ section has more information so you can confirm your specific situation (which you absolutely should do).

What’s the Deadline for BOI Reporting?

That’s the million dollar (or $591 a day, to be more accurate) question.

So much has changed in a relatively short amount of time:

• Up until December 3, 2024, the BOI reporting deadline was January 1, 2025 (for businesses formed before 2024). If you formed your business some time in 2024, you had 90 calendar days to file your BOI report.
• After over a dozen cases were filed in the U.S. District Courts to challenge the legality of the Corporate Transparency Act and the BOI filing requirements, a nationwide injunction was ordered and the deadline was — temporarily — lifted.
• The Treasury Department filed a Notice of Appeal to the U.S. Court of Appeals for the Fifth Circuit, and on December 23, 2024, the Fifth Circuit lifted the injunction, thereby making BOI reporting mandatory again. But then on December 26, 2024, a different panel of the U.S. Court of Appeals for the Fifth Circuit issued an order vacating the Court’s December 23 order.
• On February 18, 2025, the U.S. District Court for the Eastern District of Texas ruled that BOI reporting requirements under the Corporate Transparency Act (CTA) was back in effect with a March 21, 2025, reporting deadline.

Finally, on March 2, 2025, the U.S. Treasuring Department announced the suspension of BOI reporting for United States citizens and domestic companies. This caused FinCEN to issue its interim ruling on March 21, 2025, that exempted U.S. entities.

So, today, for foreign entities registered to do business in the United States…

The deadline for reporting is April 25, 2025.

That's where things stand at the moment, but you can track changes by signing up for FinCEN updates via email or text by clicking here.

How to File for Beneficial Ownership Information

First, go to the BOI E-Filing website:

Next, choose whether you want to file via PDF (where you can work offline at your own pace) or via an online form.

The report is 4 pages long and has 51 questions (with the last one being a request to upload an image of an identifying document, such as your driver’s license).

Optionally, you can create a FinCEN ID, which is supposed to simplify the reporting process.

That’s all there is to it.

Answer fifty or so questions, upload a file proving you’re you, and click a few buttons. If you have your information handy, you could complete the entire process in the time it takes to finish your first cup of coffee.

There’s no filing fee, and you don’t need an attorney or certified accountant.

If you need help, here’s a 5-minute video that walks you through the entire process step by step:

That’s Everything Authors Need to Know About BOI Reporting

The BOI filing requirements and deadlines have been a roller coaster ride.

The good news is you’re now armed with knowledge — you know BOI isn’t a big, scary monster you should fear (if it still applies to you).

In this guide, you learned:

• What Beneficial Ownership Information is
• The penalty for noncompliance
• Who’s impacted (and who’s not)
• And how to file your BOI report

When the time comes to file, you’re ready.

You’ve got this.

Good luck.