What is the BOI report for LLC? The BOI (Beneficial Ownership Information) report for LLC is a federal filing under the Corporate Transparency Act requiring disclosure of individuals who own or control a company to the Financial Crimes Enforcement Network (FinCEN). For OnlyFans creators operating as an LLC, understanding the BOI report for LLC, a mandatory federal filing under the Corporate Transparency Act (CTA) that requires disclosure of individuals who own or control a company to the Financial Crimes Enforcement Network (FinCEN), is crucial for your business success. The BOI report provides beneficial ownership information, meaning the personal details of those who own or control the LLC.
This guide is for OnlyFans creators who operate as LLCs and want to stay compliant with new federal reporting requirements. If you run your business through an LLC, you may be required to submit this report to FinCEN under the Corporate Transparency Act.
In this post, we’ll explain what the BOI report for LLC is, who needs to file it, and how this compliance requirement affects your OnlyFans taxes. We’ll also dive into the penalties for non-compliance, how to file the report, and what happens after you submit it.
What is the BOI Report for LLC?
The BOI report is a federal filing under the Corporate Transparency Act (CTA) requiring disclosure of individuals who own or control a company to the Financial Crimes Enforcement Network (FinCEN). The report provides beneficial ownership information, which means the personal details of those who own or control the LLC. The goal of the CTA is to make it harder for bad actors to hide behind anonymous LLCs for illegal purposes like money laundering or tax evasion.
As an OnlyFans creator, if you operate your business as an LLC, you will need to disclose certain information about yourself and potentially other individuals who have substantial control over your business. A beneficial owner is an individual who owns at least 25% of the company or exercises substantial control over it. “Substantial control” means having significant influence over important decisions or the management of the company. This helps ensure that businesses are transparent about who is making key decisions and profiting from the business.
Why is the BOI Report Important?
The BOI report is critical for businesses because it helps the IRS and other regulatory authorities track ownership and control of entities. If an LLC is formed or registered in the U.S., the BOI report provides a clear view of the individuals behind the entity. For OnlyFans creators, this report is an important compliance tool that keeps you aligned with tax regulations and protects you from potential tax complications down the line.
Who Needs to File a BOI Report?
Under the Corporate Transparency Act, most LLCs are required to file the BOI report, but there are some exceptions. Generally, if you operate as a domestic reporting company, meaning your LLC is registered in the United States, you must file this report. However, certain types of entities, such as larger companies with over $5 million in revenue or regulated financial institutions, are exempt from filing.
As an OnlyFans creator, if you run a single-member or multi-member LLC that is not exempt, you will likely need to file a BOI report. This requirement applies to small business owners, including those who earn significant OnlyFans income through their LLC. It’s important to check if your LLC qualifies for any exemptions under the Corporate Transparency Act.
Exemptions for Filing the BOI Report
Some businesses are exempt from filing the BOI report. These include:
- Large entities: Companies with over 20 employees and more than $5 million in gross income.
- Certain regulated entities: Banks, credit unions, and financial institutions are excluded from filing.
- Active entities: Publicly traded companies or those already filing certain tax returns may also be exempt.
If your LLC is a foreign reporting company, meaning it was formed outside the U.S. but does business here, you may still need to file the BOI report depending on how your entity is structured.
What Information Needs to Be Reported?
To file the BOI report, you’ll need to disclose specific beneficial ownership information about the individuals who own or control the company.
Definition of Beneficial Owner
A beneficial owner is an individual who owns at least 25% of the company or exercises substantial control over it. “Substantial control” means having significant influence over important decisions or the management of the company.
Beneficial Owners’ Information
You must provide the following details for each beneficial owner:
- Full legal name
- Date of birth
- Residential address or business address
- Government-issued identification number (such as a passport, driver’s license, or other ID)
- Image of the identification document
Company Information
You must also report the following about your LLC:
- LLC’s legal name
- Any trade names or DBAs
- Principal place of business address
- State or jurisdiction of formation
- Taxpayer Identification Number (TIN)
Control and Ownership
You must disclose:
- Percentage of ownership in the LLC
- If applicable, details on substantial control over the company (e.g., if you manage the business, make key decisions, etc.)
As an OnlyFans creator, this means that you need to disclose your information as the beneficial owner of the LLC. If you share ownership with anyone else, their details will also need to be included. This is important for ensuring tax compliance and transparency.
Deadlines and Filing Requirements
The BOI report must be filed with FinCEN by a specific deadline, which is based on when your LLC was formed or registered. For newly formed LLCs, you must submit the BOI report within 30 days of registration. For LLCs that existed before January 1, 2024, the filing deadline is January 1, 2025.
After that, if there are any changes to the beneficial ownership (such as selling part of the business or adding a new owner), the BOI report must be updated within 30 days of the change.
Penalties for Non-Compliance
Failure to file the BOI report or providing inaccurate information can lead to significant penalties.
Civil Penalties
- Civil penalties of up to $500 per day, with a maximum fine of $10,000.
Criminal Penalties
- Criminal penalties for willful non-compliance can result in fines of up to $10,000 or imprisonment for up to 2 years.
As an OnlyFans creator, the best way to avoid these penalties is to ensure that your LLC’s tax forms are filed correctly and on time, including the BOI report.
What Happens After You File Your BOI Report?
Once you file your BOI report with FinCEN, the information is securely stored and not made publicly available. However, regulatory authorities may access the report if needed. If there are any changes in ownership or control of your LLC, you must update the report within 30 days.
It’s also important to note that the BOI report is just one piece of your tax reporting. Filing the BOI report does not replace the need to file your regular income tax returns or self-employment taxes. Therefore, staying on top of all your business expenses and quarterly estimated taxes is essential for smooth operations.
Is the BOI Report Mandatory for LLCs as of 2026?
Yes, as of 2026, the BOI report is a mandatory federal filing for most LLCs under the Corporate Transparency Act. The initial BOI report must be filed by January 1, 2025, for LLCs created before 2024. For LLCs formed after January 1, 2024, the report must be filed within 30 days of formation.
What Information is Required?
You must provide:
- The LLC’s legal name
- Any trade names or DBAs
- Principal place of business address
- Jurisdiction of formation
- Taxpayer Identification Number (TIN)
- Details of all beneficial owners:
- Full legal name
- Date of birth
- Current address
- Unique ID number from an official document (such as a passport or driver’s license)
- An image of the identification document
How to File
- The BOI report must be filed online with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Penalties for Non-Compliance
- Failure to file or filing false information can result in civil penalties of up to $500 per day and criminal fines up to $10,000.
- The information is stored in a secure database accessible only by authorized government agencies and certain financial institutions.
FAQs
Who needs to file a BOI report?
Most LLCs formed in the U.S. are required to file a beneficial ownership information report unless exempt. OnlyFans creators who operate through a limited liability company (LLC) must file the report unless their LLC qualifies for an exemption based on factors like size or revenue. If your LLC has self-employment income and is not exempt, you are required to report the beneficial ownership information BOI.
Should you still file a BOI report?
Yes, if your LLC is not exempt, you must file BOI reports to remain compliant with the Corporate Transparency Act. Failure to file can result in penalties, including civil fines or criminal charges, depending on the severity of non-compliance. Not filing can also complicate tax reporting and cause issues with business income tracking.
What happens if a BOI report is not filed?
Not filing the BOI report can result in civil fines of up to $500 per day, with maximum penalties reaching $10,000. If you fail to file or submit inaccurate information, your LLC could face criminal penalties including fines up to $250,000 or jail time. Compliance is critical to avoid legal issues for your business entity, especially when dealing with self-employed individuals or creator taxes.
What happens after you file your BOI report?
Once your BOI report is filed with FinCEN, the information is securely stored for regulatory purposes. If there are any changes to beneficial ownership or substantial control of your LLC, you must update the report within 30 days. Keeping your report up-to-date helps prevent complications with taxable income, net income, and personal expenses.
Is the BOI Report mandatory for LLCs as of 2026?
Yes, starting in 2026, the BOI report is mandatory for most LLCs under the Corporate Transparency Act. You will need to file online with FinCEN and provide information about your business entity and all beneficial owners. Non-compliance could lead to severe tax penalties including civil fines, up to $500 per day, and criminal penalties that affect your tax bill and net income.
Conclusion
Getting a clear understanding of the BOI report for LLC and fulfilling your filing obligations under the Corporate Transparency Act is vital for protecting your business entity and avoiding unnecessary penalties. For OnlyFans creators, staying on top of tax obligations and managing self-employment income correctly can help you make the most of tax write-offs, like the home office deduction, while keeping your business on the right track. Filing the beneficial ownership information report on time avoids civil fines, criminal penalties, and potential issues with your business income, taxable income, or net income.
At The OnlyFans Accountant, we guide OnlyFans creators through all aspects of business compliance, including the BOI report. We’ll help you navigate complex filing requirements, so your LLC stays compliant and on track for long-term success. Contact us to make sure your LLC is fully compliant, up-to-date, and running smoothly, so you can focus on creating content and growing your business.