How to File BOI Report in Alaska – Ultimate Guide (2024)

How to file a BOI Report in Alaska: Since the Corporate Transparency Act, the Beneficial Ownership Information (BOI) principle has become an important aspect of the regulatory framework for Limited Liability Companies, Corporations, and all types of business structures. This act aims to increase transparency and fight against illegal financial activities by requiring businesses to disclose information about beneficial owners. In Alaska, companies must comply with these BOI reporting obligations, and this guide will give a comprehensive overview of the processes involved, entities affected, and compliance actions that must be put in place.

Alaska, also known as The Last Frontier, has a population of 740,339. That makes the state small business friendly. According to the act, small and medium-sized businesses have to file BOI reports. In this article, LLCBuddy editors shared the latest update and mandate on filing BOI reports in Alaska.

What is Beneficial Ownership in Alaska?

Beneficial ownership in Alaska entails individuals who own or control an entity ultimately even though legal ownership rests with some other person. These persons may have significant influence over it or hold substantial interest therein as owners. Identifying who qualifies as a beneficial owner is a critical first step in complying with BOI reporting requirements. To be a beneficial owner, one must meet at least one of the following:

Has direct or indirect ownership of 25% or more of the entity’s equity interests
Directly or indirectly exercises significant control over the entity

It should be noted that beneficial ownership can involve complicated ownership structures; therefore entities should conduct thorough assessments of their organizational structure and holdings.

Beneficial Ownership Information Reporting

The BOI (Beneficial Ownership Information) Report is a memo or document that every small and medium-sized business (exemption applicable) has to file with the Financial Crimes Enforcement Network (FinCEN). In Alaska, any LLC that is eligible to enlist under the reporting company must file the BOI Report within the given period.

It is not only mandatory for all businesses in Alaska but also can lead to heavy monetary penalties along with imprisonment. There are many reasons why the Corporate Transparency Act was started and BOI Report filing becomes mandatory for all businesses in Alaska.

BOI Reporting Companies (Entities) in Alaska

Not every company, located in Alaska, is required to file BOI reports with FinCEN. Only the eligible companies (Reporting Companies) are liable to file the BOI report. Following are the requirements for BOI reporting,

Entities Required to Report

There are certain entities that are considered “Reporting Companies” as per the Corporate Transparency Act and must report beneficial ownership information. Normally, these include:

Corporations
Limited Liability Companies (LLCs)
Professional Limited Liability Companies (PLLCs)
Other similar entities are formed by filing a document with Alaska Secretary of State or its equivalent.

Exempted Entities

However, it is important to note that there are certain entities in Alaska that do not have BOI reporting requirements such as;

Sole proprietorships or any business structure that does not require registration under Alaska SOS.
Large entities (more than 20 employees with $5M revenue)
Tax-exempt organizations
Inactive entities meeting specific criteria
Subsidiaries of exempt entities
Complex ownership that is not publicly known

For PLLCs, selected types of companies get to file BOI reports. Small PLLCs that do not meet the eligibility of reporting companies are exempted from filing BOIR. Besides, PLLCs that are already under stringent regulatory authority like the medical or law field, might get an exemption too.

List of Entities Exempted from BOI Reporting According to FinCEN

Securities reporting issuer
Governmental authority
Bank
Credit union
Depository institution holding company
Money services business
Broker or dealer in securities
Securities exchange or clearing agency
Other Exchange Act registered entity
Investment companies or investment advisers
Venture capital fund adviser

Insurance company
State-licensed insurance producer
Commodity Exchange Act registered entity
Accounting firm
Public utility
Financial market utility
Pooled investment vehicle
Tax-exempt entity
Entity assisting a tax-exempt entity
Large operating company
Subsidiary of certain exempt entities
Inactive entity

Entities should review their classification carefully in order to ascertain if they fall under the requirement for reporting or qualify for an exemption. It is recommended to consult an expert before you start filing your BOI Report. Also, not only the above-mentioned sectors but also the size and structure of the business matters when it comes to filing the report. Hence, it is important to consult an expert beforehand.

How to File a BOI Report in Alaska?

In Alaska, you can file your BOI report in two ways. The report can be filed online or offline. The process is pretty simple. There is an online and offline (PDF) form available. The reporting company in Alaska has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in Alaska

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Online BOI Report Filing in Alaska

Step 1: For online filing, reporting companies in Alaska are required to visit the FinCEN BOIR e-filing page.
Step 2: The first page shows 4 options, Initial Report, Correct Prior Report, Update Prior Report, and Newly Exempt Entity.
Step 3: For the fresh filing, select Initial Report and click NEXT.
Step 4: On the next page, fill out the form for Reporting Company and ask for FinCEN ID.
Step 5: The ‘Company Applicant’ page comes up next. Add the details wherever is required.
Step 6: The next page shows the details of the Beneficial Owner(s). Also, mention if there is an exemption.
Step 7: Submit the online form after sharing your name and email on the final page.

Offline BOI Report Filing in Alaska

Step 1: For offline filing, visit the FinCEN BOI Report filing page
Step 2: Download the PDF form from the ‘Prepare BOIR’ option
Step 3: The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
Step 4: Save the form on your device.
Step 5: Fill it up with the correct information. Make sure to select the ‘Initial Report’ if you’re filing it afresh. For correction or updating the previous form, select the other options.
Step 6: Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
Step 7: On the Submit page, you will have to provide your name and email. Click on the ‘upload document’ section to upload the PDF form and submit it.

Reporting Process and Timeline

BOI Reporting effectively becomes mandatory from January 1, 2024, in Alaska and the rest of the United States. All the LLCs in Alaska, Corporations, and other types of businesses registered under Alaska Secretary of State will have to file the report within the given time.

Entities in Alaska incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
Entities in Alaska incorporated or registered on or after January 1, 2024, will have to file their BOI report within 90 working days from the date of completion of company registration with Alaska SOS or similar authority.
Entities in Alaska incorporated or registered on or after January 1, 2025, will have to file their BOI report within 30 working days from the date of completion of company registration with Alaska SOS or similar authority.

Penalties for Non-Compliance with CTA (BOI Report Filing)

The authority decides to make it more difficult for the companies that fail to comply with the Corporate Transparency Act or BOI report filing. Following are the monetary and other penalties for non-compliance,

The Civil Penalty for missing the deadline in Alaska is $500 a day for the company
The Criminal Penalty for not filing the BOI Report in Alaska is $10,000
Continuing violating rules and non-compliance in Alaska can lead to 2 years imprisonment

The FinCEN makes sure that every reporting company must file the BOI report as soon as they meet the eligibility criteria. The penalty is heavy, especially for small businesses in Alaska.

BOI Reporting Required Information in Alaska

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in Alaska. The compulsory information to be given in respect of each beneficial owner includes:

Reporting Company legal name
Alternative or DBA Name (if any)
Tax Identification type
Country/Jurisdiction of Formation
Address (number, street, and apt. or suite no.)
Individual’s Full Legal Name
Date of birth
Current Address
Identifying document (Type, Number, Issuing Jurisdiction, Image)
Beneficial Owner Details (Legal Name, FinCEN ID, Address, DOB)

Entitles should confirm that the information given is correct and up-to-date as any inconsistencies or inaccuracies may attract penalties.

Ensuring their BOI reports are accurate and updated is a responsibility that these bodies have. Disputes or concealed information, therefore, need to be attended to quickly and openly as this is essential in compliance maintenance. Should organizations fail to do this, they may invite increased scrutiny with possible penalties imposed against them.

Privacy and Data Security

While the requirements for BOI reporting in Alaska aim at increasing transparency levels, there are practical challenges faced by entities regarding the identification and disclosure of beneficial ownership information. These may include:

Complexity in identifying beneficial ownership for entities with intricate ownership structures or multi-layered holding companies.
Difficulties in obtaining accurate and up-to-date information from beneficial owners, particularly where ownership interests are held indirectly or via intermediaries.
This places an additional burden on small businesses which will find it hard to deploy enough resources and personnel to deal with compliance matters.

Entities can overcome these hurdles through engagement of professionals’ advice; and having internal mechanisms that strengthen their capacity to communicate with their beneficiaries.

Regulatory and Legal Considerations

In addition to the issues above, entities in Alaska must also navigate numerous regulatory and legal considerations when reporting BOI. These include:

Balancing transparency with legitimate privacy concerns, especially for individuals who may be exposed to personal safety risks or other sensitive situations.
Addressing international implications and cross-border ownership structures since BOI reporting requirements can vary across jurisdictions.
Compliance with other relevant legislations such as anti-money laundering (AML) laws and know-your-customer (KYC) regulations is necessary as well.

What helps entities address these concerns is consulting the legal fraternity on changes occurring within the regulatory space.

Anticipated Changes and Updates

With time, FinCEN together with other relevant agencies will provide further guidance on complying with these reporting requirements as financial crime evolves. For instance, new changes could affect how they comply with these requirements. Additionally, in the future, there is a possibility of expanding or modifying the reporting requirements to deal with emerging issues or any possible loopholes.

Impact on Businesses and Financial Sector in Alaska

The introduction of BOI reporting requirements will have profound effects on both corporate entities and the financial sector as a whole. Likely consequences could include:

Increased administrative burdens and compliance costs for firms, especially at the early stages of implementation.
Enhanced due diligence procedures by financial institutions to verify the accuracy of BOI reports and identify potential red flags.
Business practices may change leading to ownership structures that are more flexible to fit into new transparency needs.
Entities that have complex ownership arrangements or those operating internationally may face some difficulties.

Nonetheless, in the long run, it can be expected that this law would go towards creating an environment where business is transparent and accountable thus enhancing trust and integrity within the financial system.

Significance of Reporting Beneficial Ownership Information

Reporting BOI is essential for several reasons. We have come up with three main reasons that CTA pointed out for having BOI reporting.

Preventing Illegal Activities: Identifying true owners helps to combat money laundering, terrorist financing, and other financial crimes in Alaska since bad actors cannot hide behind complex corporate structures.
Enhancing Transparency: It ensures corporate transparency and accountability so that entities cannot operate under cover but are required to reveal who their beneficial owner(s) are.
Facilitating Law Enforcement: Accurate data on BOI allows law enforcement authorities to investigate and prosecute fraudulent activities better thus protecting a fair business environment.

Starting an LLC in Alaska or forming a corporation in Alaska can be an eyewash of hiding other shady activities or illegal businesses. Companies often create shell companies to money launder. This reporting was started to prevent such activities in Alaska.

State Specific Data: Alaska

Capital and Incorporation

The capital of Alaska is Juneau.
The population of Alaska: 740,339
The Annual GDP of Alaska: 65,130
Incorporation in Alaska can be done through various methods including online and offline. For more details, visit Alaska Secretary of State.
Incorporation Method in Alaska (Online): Get the online form from Secretary of State, fill it up, and submit. Don’t refresh the page during the process. It will erase everything.
Incorporation Method in Alaska (Offline): Send the form to State of Alaska Corporations Section, P.O. Box 110806, Juneau, AK 99811

Filing Fees

LLC Initial Filing Fee: $250
LLC Amendment Fees: $25
Annual Fee: $50, $100 for 2 years
DBA Filing Fee: $25
Incorporation Fee: $250 for filing online and by mail
Registered Agent Change Fee: $25
Corporate Amendment Fee: $25

Important Offices

State Tax Office: Alaska Department of Revenue
State Insurance Office: Alaska Division of Insurance
Secretary of State Address: State of Alaska Corporations Section, P.O. Box 110806, Juneau, AK 99811
Department of Treasury: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520

Key Contacts

Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520
Filing Method for DBA: two methods, online and by mail
Filing Fee for DBA: $25
Online Filing for DBA: For online filing, you need to visit the Alaska Department of Commerce, Community, and Economic Development website, submit the online form along with the filing fees.
Offline Filing for DBA: For offline filing, download the form and send it to Corporations Section, State Office Building, 333 Willoughby Avenue, 9th Floor, Juneau, AK 99811 OR alternatively, you can mail the completed form to Corporations Section, P.O. Box 110806, Juneau, AK 99811-0806.

By staying compliant with the BOI reporting requirements and leveraging the resources available in Alaska, businesses can ensure they meet all regulatory obligations efficiently.

FAQs

How do I file a BOI report in Alaska?

To file a BOI report in Alaska, you can submit a report online through the Alaska Department of Fish and Game website.

Is there a deadline for filing a BOI report in Alaska?

Yes, in Alaska, the deadline for filing a BOI report is within 10 days of harvesting the animal.

Do I need to file a BOI report for all harvested animals in Alaska?

Yes, in Alaska, you are required to file a BOI report for all harvested big game animals.

What information do I need to include in a BOI report in Alaska?

In Alaska, you will need to include details such as the harvest location, date, species, and permit number in your BOI report.

Can I file a BOI report in person in Alaska?

Yes, you can file a BOI report in person at a local Alaska Department of Fish and Game office.

Are there any fees associated with filing a BOI report in Alaska?

No, there are no fees to file a BOI report in Alaska.

How will my BOI report be used in Alaska?

BOI reports in Alaska help wildlife managers gather important data for population assessments and conservation efforts.

Can I file a BOI report over the phone in Alaska?

No, BOI reports in Alaska must be submitted online or in person.

What happens if I fail to file a BOI report in Alaska?

Failure to file a BOI report in Alaska may result in fines or penalties.

Can I submit a BOI report for someone else in Alaska?

No, BOI reports in Alaska must be submitted by the individual who harvested the animal.

Will my personal information be kept confidential when filing a BOI report in Alaska?

Yes, in Alaska, your personal information will be kept confidential when filing a BOI report.

Can I edit my BOI report after submitting it in Alaska?

No, once you submit your BOI report in Alaska, you cannot edit it, so it’s important to double-check all information before submitting.

How long does it take to file a BOI report in Alaska?

Filing a BOI report in Alaska typically takes less than 15 minutes to complete online.

Can I submit multiple BOI reports for different animals at once in Alaska?

No, each harvested animal requires its own separate BOI report in Alaska.

Is there a minimum age requirement for filing a BOI report in Alaska?

In Alaska, individuals of any age can file a BOI report as long as they meet the hunting requirements.

What types of animals require a BOI report in Alaska?

In Alaska, all big game animals, such as moose, caribou, and bears, require a BOI report.

Can I file a BOI report for animals harvested outside of Alaska?

No, BOI reports in Alaska are only required for animals harvested within the state’s boundaries.

What should I do if I encounter technical difficulties while filing a BOI report in Alaska?

If you encounter technical difficulties when filing a BOI report in Alaska, you can contact the Alaska Department of Fish and Game for assistance.

Is there a specific format for submitting photos with a BOI report in Alaska?

Yes, photos submitted with a BOI report in Alaska should be clear and include a scale to show the size of the animal.

Can I submit a BOI report for a fish caught in Alaska?

No, BOI reports in Alaska are specifically for big game animals and do not include fish.

Can I file a BOI report for animals harvested on private land in Alaska?

Yes, you can file a BOI report for animals harvested on private land in Alaska as long as you have permission from the landowner.

Are there any exceptions to filing a BOI report in Alaska?

No, all harvested big game animals require a BOI report in Alaska, with no exceptions.

Can I request a copy of my submitted BOI report in Alaska?

Yes, you can request a copy of your submitted BOI report from the Alaska Department of Fish and Game.

Will my BOI report be used for research purposes in Alaska?

Yes, BOI reports in Alaska play a crucial role in wildlife research and conservation efforts.

Can I file a BOI report for animals harvested during a guided hunt in Alaska?

Yes, whether you are on a guided hunt or hunting independently, you are still required to file a BOI report in Alaska.

How can I ensure the accuracy of my BOI report in Alaska?

To ensure the accuracy of your BOI report in Alaska, carefully review all details before submitting, including GPS coordinates and harvest information.

Can I file a BOI report for animals harvested as part of subsistence hunting in Alaska?

Yes, individuals engaging in subsistence hunting in Alaska must also file a BOI report for their harvested animals.

Are there any training resources available to help me file a BOI report in Alaska?

Yes, the Alaska Department of Fish and Game provides online tutorials and training materials to help individuals accurately file their BOI reports.

What information do I need to include in my BOI report in Alaska?

You will need to include information about your business activities, location in Alaska, and any other relevant details.

Can I file a BOI report online in Alaska?

Yes, you can file a BOI report online in Alaska through the state’s official website.

What is the purpose of filing a BOI report in Alaska?

The purpose of filing a BOI report in Alaska is to provide the state with information about your business activities and presence in the state.

Can I amend my BOI report in Alaska after submitting it?

Yes, you can typically amend your BOI report in Alaska if necessary by contacting the Alaska Department of Community and Economic Development.

What happens if I don’t file a BOI report in Alaska?

Failing to file a BOI report in Alaska could result in penalties or other consequences, so it is important to comply with the requirement.

Do I need to file a BOI report in Alaska if my business is based out of state?

Yes, if your business operates in Alaska, you will likely need to file a BOI report with the state.

How long does it take to process a BOI report in Alaska?

The processing time for a BOI report in Alaska can vary, so it’s best to check with the relevant authorities for more information.

Can I request an extension for filing my BOI report in Alaska?

Yes, you may be able to request an extension for filing your BOI report in Alaska under certain circumstances.

What supporting documents do I need to submit with my BOI report in Alaska?

You may need to submit documentation such as financial statements, business licenses, and other relevant materials with your BOI report in Alaska.

How do I know if my business is required to file a BOI report in Alaska?

If your business operates in Alaska or has a significant presence in the state, you may be required to file a BOI report with the Alaska Department of Community and Economic Development.

Can I file a BOI report in Alaska on behalf of someone else?

Typically, only authorized individuals or representatives can file a BOI report on behalf of a business in Alaska.

Do nonprofits need to file a BOI report in Alaska?

Nonprofit organizations that operate in Alaska may also be required to file a BOI report with the state.

What types of business activities trigger the need to file a BOI report in Alaska?

Any business that operates in Alaska or has a significant presence in the state may be required to file a BOI report.

How can I check the status of my BOI report in Alaska?

You can usually check the status of your BOI report in Alaska by contacting the Alaska Department of Community and Economic Development.

Can I file a BOI report for multiple businesses in Alaska?

Yes, you may be able to file a BOI report for multiple businesses in Alaska, depending on the circumstances.

Do I need to update my BOI report in Alaska annually?

Yes, you may need to update your BOI report in Alaska annually to reflect any changes to your business activities or presence in the state.

Is the information in my BOI report in Alaska confidential?

The information in your BOI report in Alaska may be considered confidential, so it’s important to check with state regulations regarding disclosure.

Can I submit additional information after filing my BOI report in Alaska?

If you need to submit additional information after filing your BOI report in Alaska, you can typically do so by contacting the appropriate authorities.

Are there any penalties for late filing of a BOI report in Alaska?

Yes, there may be penalties for late filing of a BOI report in Alaska, so it’s important to comply with deadlines.

Can I file a BOI report in Alaska if I am a sole proprietor?

If you are a sole proprietor who operates in Alaska, you may still be required to file a BOI report with the state.

What happens after I file a BOI report in Alaska?

After you file a BOI report in Alaska, the state may review the information provided and take any necessary actions based on the report.

Can I file a BOI report in Alaska if my business is no longer in operation?

If your business has ceased operations in Alaska, you may still need to file a BOI report to update the state on the status of your business.

How do I obtain a copy of my filed BOI report in Alaska?

You can usually obtain a copy of your filed BOI report in Alaska by contacting the Alaska Department of Community and Economic Development.

Are there any exemptions from filing a BOI report in Alaska?

Some businesses may be exempt from filing a BOI report in Alaska, so it’s important to check with state regulations for more information.

Can I file a BOI report in Alaska if I am a foreign business entity?

Yes, foreign business entities that operate in Alaska will likely need to file a BOI report with the state.

How can I get assistance with filing my BOI report in Alaska?

If you need assistance with filing your BOI report in Alaska, you can contact the Alaska Department of Community and Economic Development for guidance.

In Conclusion

In the world of business, conducting illicit monetary transactions is not a new thing. To prevent that the Corporate Transparency Act came into the picture. Businesses in Alaska, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In Alaska, the companies must understand the obligations to comply with the rules.

In Alaska, before you start filing the BOI Report, there are a few important points to note. Important points worth noting are:

Identifying beneficial owners from their control or ownership interests over the entity.
Reporting accurate information at all times including names, dates of birth, addresses, and identification details about beneficiaries.
Timely filing of the initial reports and updating the reports in case of changes.
When required, involve reputable third-party service providers to assist in the filing process.
Ensure compliance with relevant penalties for non –compliance.
Deal with practical challenges and legal issues related to BOI reporting.
Keep abreast of future developments and advice from relevant bodies.

Filing the BOI Report does not require complicated steps, however, it definitely requires an expert to proceed. We recommend TailorBrands, one of the best LLC formation services that not only offers free LLC formation but also offers BOI Reporting at a very reasonable cost.