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


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

Kansas, also known as The Sunflower State, has a population of 2,963,308. 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 Kansas

What is Beneficial Ownership in Kansas?

Beneficial ownership in Kansas 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 Kansas, 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 Kansas 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 Kansas.

BOI Reporting Companies (Entities) in Kansas

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

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

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

Online BOI Report Filing in Kansas

  • For online filing, reporting companies in Kansas 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 Kansas

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

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

BOI Reporting Required Information in Kansas

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

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 Kansas 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 Kansas or forming a corporation in Kansas 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 Kansas.

State Specific Data: Kansas

Capital and Incorporation

  • The capital of Kansas is Topeka.
  • The population of Kansas: 2,963,308
  • The Annual GDP of Kansas: 212,742
  • Incorporation in Kansas can be done through various methods including online and offline. For more details, visit Kansas Secretary of State.
  • Incorporation Method in Kansas (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Kansas (Offline): Send the form by mail to Kansas Office of the Secretary of State, Memorial Hall, 1st Floor, 120 S.W. 10th Avenue, Topeka, KS 66612

Filing Fees

  • LLC Initial Filing Fee: $165 (by mail and $160 online)
  • LLC Amendment Fees: $35
  • Annual Fee: $25 online and $27.5 by mail
  • DBA Filing Fee: $0, as it is not mandatory to file DBA name in this state
  • Incorporation Fee: $90 for filing online and by mail
  • Registered Agent Change Fee: $30 (online) and $35 (offline)
  • Corporate Amendment Fee: $35.00

Important Offices

  • State Tax Office: Kansas Department of Revenue
  • State Insurance Office: Kansas Insurance Department
  • Secretary of State Address: Kansas Office of the Secretary of State, Memorial Hall, 1st Floor, 120 S.W. 10th Avenue, Topeka, KS 66612
  • 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: several methods, however, it is not mandatory to file a DBA name in Kansas
  • Filing Fee for DBA: $0, as it is not mandatory to file DBA name in this state
  • Online Filing for DBA: No online form is available, as it is not mandatory to file a DBA name in Kansas.
  • Offline Filing for DBA: No PDF form is available, as it is not mandatory to file a DBA name in Kansas

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

FAQs

How do I file a boi report in Kansas?
To file a boi report in Kansas, you can visit the Kansas Bureau of Investigation website and follow the instructions provided.
Can I file a boi report online in Kansas?
Yes, you can file a boi report online in Kansas through the Kansas Bureau of Investigation’s online reporting system.
What information do I need to provide when filing a boi report in Kansas?
When filing a boi report in Kansas, you will need to provide details such as your name, contact information, and a description of the incident.
Is filing a boi report in Kansas free?
Yes, filing a boi report in Kansas is free of charge.
How long does it take to file a boi report in Kansas?
The time it takes to file a boi report in Kansas will depend on the complexity of the incident and the information you need to provide.
Can I file a boi report anonymously in Kansas?
In Kansas, you may have the option to file a boi report anonymously, but you will need to check with the Kansas Bureau of Investigation for specific guidelines.
What happens after I file a boi report in Kansas?
After you file a boi report in Kansas, the Kansas Bureau of Investigation will review the information provided and may open an investigation if necessary.
Can I file a boi report in person in Kansas?
Yes, you can file a boi report in person at the Kansas Bureau of Investigation headquarters or at a local law enforcement agency in Kansas.
What is the statute of limitations for filing a boi report in Kansas?
The statute of limitations for filing a boi report in Kansas will vary depending on the nature of the incident, so it is best to consult with legal counsel or the Kansas Bureau of Investigation.
Can I file a boi report for someone else in Kansas?
In certain circumstances, you may be able to file a boi report for someone else in Kansas, but you will need to provide authorization and documentation as required by the Kansas Bureau of Investigation.
How can I follow up on a boi report filed in Kansas?
You can follow up on a boi report filed in Kansas by contacting the Kansas Bureau of Investigation and referencing your report number.
Will filing a boi report in Kansas guarantee an arrest?
Filing a boi report in Kansas does not guarantee an arrest, as the investigation process may require additional information or evidence.
Are there any time limits for filing a boi report in Kansas?
It is important to file a boi report in Kansas as soon as possible after the incident to ensure that valuable evidence is not lost and to meet any potential time limits that may apply.
Can I file a boi report for a crime that occurred outside of Kansas?
No, if a crime occurred outside of Kansas, you should file a report with the appropriate law enforcement agency in that jurisdiction.
Can I file a boi report for a cold case in Kansas?
Yes, you can file a boi report for a cold case in Kansas, but you will need to provide any new information or evidence that may have come to light.
What should I do if I need assistance filing a boi report in Kansas?
If you need assistance filing a boi report in Kansas, you can contact the Kansas Bureau of Investigation or seek help from a victim advocacy organization.
Is there a deadline for filing a boi report in Kansas?
While there may not be a strict deadline for filing a boi report in Kansas, it is recommended to do so promptly to assist with the investigation.
Can I file a boi report for a civil matter in Kansas?
No, boi reports are typically reserved for criminal matters, so you will need to seek other legal avenues for civil disputes in Kansas.
Will my identity be protected if I file a boi report in Kansas?
The Kansas Bureau of Investigation takes privacy and confidentiality seriously and will make every effort to protect your identity when you file a boi report.
Can I request a copy of the boi report I filed in Kansas?
Yes, you can request a copy of the boi report you filed in Kansas by contacting the Kansas Bureau of Investigation or submitting a formal request.
Can I amend a boi report after it has been filed in Kansas?
If you need to amend a boi report that has already been filed in Kansas, you can contact the Kansas Bureau of Investigation and provide the new information or details.
How can I access boi report forms in Kansas?
Boi report forms in Kansas can typically be found on the Kansas Bureau of Investigation website or obtained from local law enforcement agencies.
Can I file a boi report for an incident that occurred in Kansas but I no longer live there?
Yes, you can file a boi report for an incident that occurred in Kansas even if you no longer live there, but you may need to provide additional information for follow-up purposes.
Can I file a boi report for a minor in Kansas?
If you are a guardian or legal representative, you may be able to file a boi report for a minor in Kansas, but you will need to adhere to specific guidelines and requirements set forth by the Kansas Bureau of Investigation.
Are there different boi reporting procedures for different types of crimes in Kansas?
The procedures for filing a boi report in Kansas may vary depending on the type of crime involved, so it is important to follow the specific guidelines outlined by the Kansas Bureau of Investigation.
Can I withdraw a boi report after it has been filed in Kansas?
In most cases, once a boi report has been filed in Kansas, it cannot be withdrawn unless there are extenuating circumstances or new information that changes the nature of the report.
How can I ensure that my boi report in Kansas is taken seriously and investigated thoroughly?
To ensure that your boi report in Kansas is taken seriously and investigated thoroughly, be sure to provide as much detail and evidence as possible, and follow up with law enforcement as needed.
Can I file a boi report in Kansas even if I am not sure a crime has been committed?
If you suspect criminal activity or are unsure whether a crime has occurred, it is better to err on the side of caution and file a boi report in Kansas so that law enforcement can determine the appropriate course of action.
What should I do if I believe my boi report in Kansas is not being properly handled?
If you believe that your boi report in Kansas is not being properly handled, you can escalate your concerns to higher-ranking officials within the Kansas Bureau of Investigation or seek assistance from legal counsel.
Are boi reports mandatory in Kansas?
Yes, boi reports are mandatory in Kansas for certain employers.
What information do I need to file a boi report in Kansas?
You will need information about the employee, including their name, Social Security number, and wages earned.
Can I file a boi report for multiple employees at once in Kansas?
Yes, many boi reporting systems in Kansas allow you to file reports for multiple employees at once.
What happens if I don’t file a boi report in Kansas?
Failure to file a boi report in Kansas can result in penalties for the employer.
How can I obtain a copy of a boi report in Kansas?
You can request a copy of a boi report in Kansas by contacting the Kansas Department of Labor.
Is there a fee for filing a boi report in Kansas?
There may be a fee associated with filing a boi report in Kansas, depending on the reporting system used.
Can I file a boi report in Kansas on behalf of an employee?
You may be able to file a boi report on behalf of an employee in Kansas with their permission.
Are boi reports confidential in Kansas?
Yes, boi reports in Kansas are confidential and protected under state law.
How long do I need to keep boi records in Kansas?
Employers in Kansas are typically required to keep boi records for a certain period of time, often several years.
What is the purpose of filing a boi report in Kansas?
Filing a boi report in Kansas helps determine eligibility for unemployment benefits for former employees.
Can I appeal a decision made based on a boi report in Kansas?
Yes, you can appeal a decision made based on a boi report in Kansas through the Kansas Department of Labor.
Are employers required to report boi if employees quit in Kansas?
Yes, employers in Kansas are typically required to report boi even if employees quit.
Can I track the status of my boi report in Kansas?
Yes, many reporting systems in Kansas allow you to track the status of your boi report online.
Do independent contractors need to be reported in boi reports in Kansas?
It depends on the specific circumstances and classification of the independent contractor in Kansas.
Can I amend a boi report in Kansas after it has been filed?
Yes, you may be able to amend a boi report in Kansas by contacting the Kansas Department of Labor.
What should I do if I make a mistake on a boi report in Kansas?
If you make a mistake on a boi report in Kansas, you should contact the Kansas Department of Labor to correct it.
Are boi reports used for tax purposes in Kansas?
No, boi reports in Kansas are used specifically for determining eligibility for unemployment benefits.
Can I request an extension to file a boi report in Kansas?
Extensions for filing boi reports in Kansas may be granted in certain circumstances, but you should contact the Kansas Department of Labor to request one.
Can I file a boi report over the phone in Kansas?
Some reporting systems in Kansas may allow you to file a boi report over the phone.
Are there different requirements for filing boi reports in different states like Kansas?
Yes, the requirements for filing boi reports can vary by state, including in Kansas.
Do I need to file a boi report for temporary employees in Kansas?
Yes, temporary employees in Kansas are typically subject to boi reporting requirements.
What should I do if I suspect boi fraud in Kansas?
If you suspect boi fraud in Kansas, you should report it to the Kansas Department of Labor.
Can part-time employees be included in a boi report in Kansas?
Yes, part-time employees can and should be included in boi reports in Kansas.
How long does it take to process a boi report in Kansas?
The processing time for boi reports in Kansas can vary, but it is typically within a few weeks.
Are there resources available to help me file a boi report in Kansas?
Yes, the Kansas Department of Labor offers resources and assistance for filing boi reports in Kansas.
Can I request a waiver for filing a boi report in Kansas?
Waivers for filing boi reports in Kansas may be available under certain circumstances, but you should contact the Kansas Department of Labor for more information.

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

In Kansas, 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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