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


Steve Goldstein
Steve Goldstein
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How to file a BOI Report in Idaho: 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 Idaho, 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.

Idaho, also known as The Gem State, has a population of 1,920,562. 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 Idaho

What is Beneficial Ownership in Idaho?

Beneficial ownership in Idaho 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 Idaho, 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 Idaho 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 Idaho.

BOI Reporting Companies (Entities) in Idaho

Not every company, located in Idaho, 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 Idaho that do not have BOI reporting requirements such as;

corporate-act
  • Sole proprietorships or any business structure that does not require registration under Idaho 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 Idaho?

In Idaho, 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 Idaho has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in Idaho

Online BOI Report Filing in Idaho

  • For online filing, reporting companies in Idaho 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 Idaho

  • 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 Idaho and the rest of the United States. All the LLCs in Idaho, Corporations, and other types of businesses registered under Idaho Secretary of State will have to file the report within the given time.

  • Entities in Idaho incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
  • Entities in Idaho 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 Idaho SOS or similar authority.
  • Entities in Idaho 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 Idaho 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 Idaho is $500 a day for the company
  • The Criminal Penalty for not filing the BOI Report in Idaho is $10,000
  • Continuing violating rules and non-compliance in Idaho 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 Idaho.

BOI Reporting Required Information in Idaho

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in Idaho. 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 Idaho 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 Idaho 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 Idaho

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 Idaho 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 Idaho or forming a corporation in Idaho 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 Idaho.

State Specific Data: Idaho

Capital and Incorporation

  • The capital of Idaho is Boise.
  • The population of Idaho: 1,920,562
  • The Annual GDP of Idaho: 110,781
  • Incorporation in Idaho can be done through various methods including online and offline. For more details, visit Idaho Secretary of State.
  • Incorporation Method in Idaho (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Idaho (Offline): Send the form by mail or drop it off in person to Office of the Office of the Secretary of State, 450 N 4th Street, P.O. Box 83720, Boise, ID 83720-0080

Filing Fees

  • LLC Initial Filing Fee: $120 (by mail and $100 online)
  • LLC Amendment Fees: $30
  • Annual Fee: $0
  • DBA Filing Fee: $25 Filing Fee and $20 Additional processing fee if filing a hard copy by mail or in-person
  • Incorporation Fee: $120 for filing in-person and by mail
  • Registered Agent Change Fee: $20
  • Corporate Amendment Fee: $50

Important Offices

  • State Tax Office: Idaho State Tax Commission
  • State Insurance Office: Idaho Department of Insurance
  • Secretary of State Address: Office of the Secretary of State, 450 N 4th Street, P.O. Box 83720, Boise, ID 83720-0080
  • 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: three methods, online, by mail, and in person filing.
  • Filing Fee for DBA: $25 Filing Fee and $20 Additional processing fee if filing a hard copy by mail or in-person
  • Online Filing for DBA: For online filing, check the Idaho Secretary of State. There, look for the “Trade Names” section. You will get the registration form.
  • Offline Filing for DBA: For filing offline, you must send the downloaded PDF form or drop it off in person at the Office of the Secretary of State, P.O. Box 83720, Boise, ID 83720-0080

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

FAQs

How do I file a boi report in Idaho?
To file a boi report in Idaho, you can visit the Idaho Department of Labor website and follow the instructions provided.
Can I file a boi report online in Idaho?
Yes, you can file a boi report online in Idaho through the Idaho Department of Labor website.
Is there a deadline for filing a boi report in Idaho?
The deadline for filing a boi report in Idaho may vary depending on the specific circumstances of your case. It is best to contact the Idaho Department of Labor for assistance.
What information do I need to include in a boi report in Idaho?
In Idaho, you will need to provide details about the incident, including the date, time, and location, as well as information about the individuals involved.
Can I file a boi report anonymously in Idaho?
Yes, you can file a boi report anonymously in Idaho. However, keep in mind that providing your contact information may be beneficial for follow-up purposes.
How long does it take for a boi report to be processed in Idaho?
The processing time for a boi report in Idaho can vary. It is recommended to follow up with the Idaho Department of Labor for updates on your report.
What protections are in place for individuals who file boi reports in Idaho?
In Idaho, there are laws and regulations that protect individuals from retaliation for filing a boi report. It is important to know your rights in these situations.
Are there any resources available to help me file a boi report in Idaho?
Yes, the Idaho Department of Labor provides resources and assistance for individuals who need help filing a boi report. You can reach out to them for support.
Can I speak with a representative in person about filing a boi report in Idaho?
Yes, you can speak with a representative in person at the Idaho Department of Labor if you need assistance with filing a boi report.
What should I do if I suspect boi but am unsure how to proceed in Idaho?
If you suspect boi but are unsure how to proceed in Idaho, it is recommended to contact the Idaho Department of Labor for guidance on how to file a report.
What information do I need to provide when filing a boi report in Idaho?
When filing a boi report in Idaho, you will need to provide details about the employer, the incident, and any witness information.
Can I file a boi report in Idaho anonymously?
Yes, you can file a boi report in Idaho anonymously if you choose to do so.
What happens after I file a boi report in Idaho?
After you file a boi report in Idaho, the Department of Labor will investigate the incident and determine whether any violations occurred.
Can I file a boi report in Idaho on behalf of someone else?
Yes, you can file a boi report in Idaho on behalf of someone else, as long as you have their consent to do so.
Are boi reports in Idaho confidential?
Yes, boi reports in Idaho are considered confidential and are not subject to public disclosure.
Can I file a boi report in Idaho if I am not a resident of the state?
Yes, you can file a boi report in Idaho even if you are not a resident of the state.
Is there a fee for filing a boi report in Idaho?
No, there is no fee for filing a boi report in Idaho.
How long does it take for a boi report in Idaho to be processed?
The processing time for boi reports in Idaho can vary, but you can expect to receive a response within a few weeks.
Can I appeal the results of a boi report in Idaho?
Yes, if you disagree with the outcome of a boi report in Idaho, you can appeal the decision through the Department of Labor’s appeals process.
Are boi reports in Idaho admissible in court?
Yes, boi reports in Idaho can be used as evidence in court proceedings.
Is it mandatory to file a boi report in Idaho?
Filing a boi report in Idaho is not mandatory, but it is recommended if you believe that a violation has occurred.
Can I file a boi report in Idaho if the incident happened outside of the state?
No, boi reports in Idaho must pertain to incidents that occurred within the state.
What is the best way to submit a boi report in Idaho?
The best way to submit a boi report in Idaho is through the Department of Labor’s online portal.
Can I file a boi report in Idaho if I do not speak English?
Yes, the Idaho Department of Labor provides translation services for individuals who do not speak English.
Are there any resources available to help with filing a boi report in Idaho?
Yes, the Idaho Department of Labor offers resources and assistance to individuals who need help filing a boi report.
Do I need to provide my contact information when filing a boi report in Idaho?
Yes, you will need to provide your contact information when filing a boi report in Idaho so that the Department of Labor can follow up with you.
Can I file a boi report in Idaho if I am a minor?
Yes, minors can file boi reports in Idaho as long as they have the consent of a legal guardian.
What type of incidents can be reported in a boi report in Idaho?
Any workplace incident that involves violations of labor laws or safety regulations can be reported in a boi report in Idaho.
How can I check the status of my boi report in Idaho?
You can check the status of your boi report in Idaho by contacting the Department of Labor directly.
Can I file a boi report in Idaho if I was not directly affected by the incident?
Yes, you can file a boi report in Idaho if you witnessed an incident or have relevant information about the violation.
What should I do if I am unsure whether to file a boi report in Idaho?
If you are unsure whether to file a boi report in Idaho, you can contact the Department of Labor for guidance and assistance.
Can I file a boi report in Idaho on behalf of a group of people?
Yes, you can file a boi report in Idaho on behalf of a group of people who were affected by the same incident.
Can I file a boi report in Idaho if the incident happened at a federal workplace?
No, incidents that occur on federal property are not within the jurisdiction of the Idaho Department of Labor.
Can I file a boi report in Idaho if the incident happened in another state but involved an Idaho employer?
Yes, if an Idaho employer is involved in an incident that occurred in another state, you can file a boi report in Idaho.
Are boi reports in Idaho accessible to the public?
No, boi reports in Idaho are confidential and are not available to the public without a court order.
How long do I have to file a boi report in Idaho after an incident occurs?
Boi reports in Idaho must be filed within 180 days of the incident occurring to be considered valid.

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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 Idaho, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In Idaho, the companies must understand the obligations to comply with the rules.

In Idaho, 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.

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