Beneficial Ownership Information (BOI) FAQs
Why do I need to file BOI as a Motor Carrier?
U.S. DOT number holders registered as corporations and privately held businesses must report their Beneficial Ownership Information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) under regulation 31 CFR 1010.380. This requirement allows FinCEN to know who owns or controls trucking companies. With this information, federal agencies can more effectively enforce regulations, address safety issues and reduce crimes linked to anonymous business authorities.
Is there a hold on this filing? When is the deadline?
The deadline to file Beneficial Ownership Information (BOI) is March 21, 2025, per regulation 31 CFR 1010.380. The temporary hold on this requirement, previously imposed due to a Texas court case, has now been lifted. As a result, all businesses subject to BOI filing must comply by the deadline, or they risk facing enforcement actions and penalties.
How do I file the BOI?
Simply fill out the form at boiapplication.us and a processing agent at Federal Applications Processor will ensure the information is correct before submitting your report to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Visit boiapplication.us or call 866-866-6343 to complete your filing and ensure compliance today.
What if I don’t file?
Failing to file your Beneficial Ownership Information (BOI) by the deadline can lead to both civil and criminal penalties. Non-compliance may result in fines exceeding $500 per day, up to $10,000, and can carry a prison sentence of up to two years per Title 31 of the Code of Federal Regulations (CFR), administered by FinCEN.
How do I know if I need to file the BOI for my business?
Reporting Beneficial Ownership Information is required for motor carriers and non-U.S. DOT holders that are registered as corporations in the United States, along with privately held businesses including corporations (e.g., C-Corps, S-Corps), limited liability companies (LLCs), limited partnerships, and foreign reporting companies (formed under the law of a foreign country and registered to do business in the United States). If you're unsure whether filing is required for your business, call 866-866-6343 for verification.
