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


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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:

  1. Has direct or indirect ownership of 25% or more of the entity’s equity interests
  2. 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:

Exempted Entities

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

corporate-act
  • 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

Online BOI Report Filing in Alaska

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

Offline BOI Report Filing in Alaska

  • For offline filing, visit the FinCEN BOI Report filing page
  • Download the PDF form from the ‘Prepare BOIR’ option
  • The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Save the form on your device.
  • 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.
  • Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • 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.
BOI offline filing

Though it is not very difficult to file a BOI Report on your own, it is recommended to get a professional help. Mainly because of the diverse business structure. We recommend TailorBrands as they not only offer free LLC formation, but also guide you through the BOI reporting process and deadline. That can save you a lot of money and penalty.

LLCBuddy Editors

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:

business requirement
  • 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.

business
  • 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 can I file a BOI report in Alaska?
You can file a BOI report in Alaska by contacting the Alaska Board of Investigation (BOI).
What is a BOI report in Alaska used for?
A BOI report in Alaska is generally used to investigate alleged misconduct within state agencies.
Is filing a BOI report in Alaska confidential?
Yes, the filing of a BOI report in Alaska is typically kept confidential to protect the individuals involved.
Can I file a BOI report anonymously in Alaska?
Yes, you can file a BOI report anonymously in Alaska if you choose to do so.
Are there specific forms I need to use to file a BOI report in Alaska?
Yes, there are specific forms that need to be filled out when filing a BOI report in Alaska.
How long does it take for a BOI report in Alaska to be completed?
The timeframe for completing a BOI report in Alaska can vary depending on the complexity of the case.
Who has jurisdiction over BOI reports in Alaska?
The Alaska Board of Investigation (BOI) has jurisdiction over BOI reports in Alaska.
Are there any fees associated with filing a BOI report in Alaska?
There are typically no fees associated with filing a BOI report in Alaska.
What happens after I file a BOI report in Alaska?
After you file a BOI report in Alaska, an investigation will be conducted to determine the facts surrounding the allegations.
Are there any legal protections for individuals who file BOI reports in Alaska?
Yes, there are legal protections in place to protect whistleblowers who file BOI reports in Alaska.
Can I file a BOI report in Alaska if I am not a resident of the state?
Yes, you can file a BOI report in Alaska even if you are not a resident of the state.
How can I follow up on a BOI report after it has been filed in Alaska?
You can follow up on a BOI report in Alaska by contacting the Alaska Board of Investigation (BOI) for updates on the case.
Is there a time limit for filing a BOI report in Alaska?
There may be a time limit for filing a BOI report in Alaska, so it is best to file as soon as possible after the incident occurs.
Can I file a BOI report in Alaska on behalf of someone else?
Yes, you can file a BOI report in Alaska on behalf of someone else as long as you have their consent.
How can I report retaliation after filing a BOI report in Alaska?
You can report retaliation after filing a BOI report in Alaska by notifying the Alaska Board of Investigation (BOI) immediately.
Are there any support services for individuals who file BOI reports in Alaska?
Yes, there are support services available for individuals who file BOI reports in Alaska, such as counseling and legal assistance.
Can I withdraw a BOI report in Alaska after it has been filed?
You may be able to withdraw a BOI report in Alaska under certain circumstances, but you should consult with the Alaska Board of Investigation (BOI) for guidance.
Can I file a BOI report in Alaska if the incident occurred in another state?
No, you should file a BOI report in the state where the incident occurred, unless specific provisions allow for the filing to be done in Alaska.
What do I do if the person I want to report is a high-ranking official in Alaska?
You can still file a BOI report in Alaska against a high-ranking official, as the investigation process is designed to be unbiased and impartial.
Will filing a BOI report in Alaska impact my job or reputation?
Filing a BOI report in Alaska should not impact your job or reputation, as there are legal protections in place to prevent retaliation.
Can I file a BOI report in Alaska if the incident occurred a long time ago?
It is best to file a BOI report in Alaska as soon as possible after the incident occurs, but there may be provisions for investigating older cases.
What information do I need to provide when filing a BOI report in Alaska?
You will need to provide detailed information about the incident, including dates, locations, and names of individuals involved, when filing a BOI report in Alaska.
Can I file a BOI report in Alaska if I have already reported the incident to my employer?
Yes, you can file a BOI report in Alaska even if you have already reported the incident to your employer, as the BOI conducts independent investigations.
Are there any restrictions on who can file a BOI report in Alaska?
In general, anyone with firsthand knowledge of alleged misconduct can file a BOI report in Alaska.
Can I submit evidence along with my BOI report in Alaska?
Yes, you can submit relevant evidence, such as documents or photographs, along with your BOI report in Alaska.
Can I file a BOI report in Alaska for a case that is already in court?
Yes, you can file a BOI report in Alaska for a case that is already in court, as long as the allegations are related to misconduct within a state agency.
How can I obtain a copy of the completed BOI report in Alaska?
You can request a copy of the completed BOI report in Alaska through the Alaska Board of Investigation (BOI) using the appropriate procedures.
Is there a statute of limitations for filing a BOI report in Alaska?
There may be a statute of limitations for filing a BOI report in Alaska, so it is best to file as soon as possible to avoid any issues.
How do I file a BOI report in Alaska?
To file a BOI report in Alaska, you can do so online through the Alaska Department of Environmental Conservation’s website.
What information do I need to include in a BOI report in Alaska?
When filing a BOI report in Alaska, you will need to include information about the incident, the parties involved, any injuries or damages, and any corrective actions taken.
Can I file a BOI report in Alaska anonymously?
No, BOI reports in Alaska cannot be submitted anonymously. You will need to provide contact information when submitting a report.
Is it mandatory to file a BOI report in Alaska?
Yes, certain types of incidents are required to be reported in Alaska under the BOI regulations. It is important to check the specific requirements to determine if your incident falls under this category.
How long do I have to file a BOI report in Alaska after an incident occurs?
In Alaska, BOI reports must be filed within a certain timeframe after an incident occurs. It is important to file the report as soon as possible to ensure compliance with regulations.
Are there any specific reporting requirements for certain industries in Alaska?
Yes, certain industries in Alaska may have specific reporting requirements under the BOI regulations. It is important to be aware of these requirements if you work in a regulated industry.
Can I amend a BOI report in Alaska after it has been filed?
Yes, you can amend a BOI report in Alaska after it has been filed if new information becomes available or if there are errors that need to be corrected. You will need to follow the proper procedures for amending a report.
What is the purpose of filing a BOI report in Alaska?
The purpose of filing a BOI report in Alaska is to document incidents involving hazardous substances and to ensure that appropriate actions are taken to prevent future incidents and protect the environment and public health.
Can I get assistance with filing a BOI report in Alaska?
Yes, you can contact the Alaska Department of Environmental Conservation for assistance with filing a BOI report in Alaska. They can provide guidance on the reporting process and requirements.
How long does it take to file a BOI report in Alaska?
The time it takes to file a BOI report in Alaska can vary depending on the complexity of the incident and the information available. It is important to gather all necessary information before submitting the report.
What is the deadline for filing a BOI report in Alaska?
The deadline for filing a BOI report in Alaska depends on the type of incident being reported. It is important to check the specific requirements to ensure timely filing.
Can I file a BOI report in Alaska for a past incident?
Yes, you can file a BOI report in Alaska for a past incident if it meets the reporting requirements. It is important to provide as much information as possible about the incident when filing a retrospective report.
What are the consequences of not filing a BOI report in Alaska?
Failing to file a BOI report in Alaska when required to do so may result in penalties or fines. It is important to comply with reporting requirements to avoid potential repercussions.
Can I report a potential incident that did not actually occur in Alaska?
Yes, you can report a potential incident that did not actually occur in Alaska if it has the potential to impact the state or its residents. It is important to provide as much relevant information as possible in the report.
How can I stay informed about any updates or changes to BOI reporting requirements in Alaska?
You can stay informed about updates or changes to BOI reporting requirements in Alaska by regularly checking the Alaska Department of Environmental Conservation’s website for any announcements or guidance.
Are there any exemptions to filing a BOI report in Alaska?
There may be exemptions to filing a BOI report in Alaska for certain types of incidents or industries. It is important to review the regulations carefully to determine if an exemption applies to your situation.
Can I request confidentiality for certain information included in a BOI report in Alaska?
Yes, you can request confidentiality for certain information included in a BOI report in Alaska if it is sensitive or proprietary. The Alaska Department of Environmental Conservation will review such requests on a case-by-case basis.
How can I access a copy of a BOI report filed in Alaska?
You can request access to a copy of a BOI report filed in Alaska by submitting a records request to the Alaska Department of Environmental Conservation. The department will provide the report in accordance with public records laws.
What should I do if I discover new information after filing a BOI report in Alaska?
If you discover new information after filing a BOI report in Alaska, you should notify the department as soon as possible and provide the additional details. It is important to keep the report updated with the most accurate information.
Do I need to file a separate BOI report in Alaska for each incident?
Yes, you should file a separate BOI report in Alaska for each individual incident that meets the reporting requirements. This allows for a thorough documentation of each event and facilitates appropriate follow-up actions.
Can I challenge the findings of a BOI report in Alaska?
Yes, you can challenge the findings of a BOI report in Alaska if you believe there are inaccuracies or discrepancies in the report. You may need to provide additional information or evidence to support your challenge.
Are there any resources available to help me understand the BOI reporting requirements in Alaska?
Yes, the Alaska Department of Environmental Conservation provides resources, such as guidance documents and FAQs, to help individuals and organizations understand the BOI reporting requirements in Alaska.
Can I file a BOI report in Alaska on behalf of a non-profit organization?
Yes, you can file a BOI report in Alaska on behalf of a non-profit organization if you have the necessary authorization to do so. It is important to include the organization’s information when filing the report.
What should I do if I am unsure whether an incident requires a BOI report in Alaska?
If you are unsure whether an incident requires a BOI report in Alaska, it is recommended to contact the Alaska Department of Environmental Conservation for guidance. They can help determine if the incident falls under reporting requirements.

Also Read

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.

Leave a Comment