Key Points
Let me save you sole proprietors some time (you are not an LLC or Corporation) – You are not required to file a BOI.
The new FinCEN rule requires most small trucking companies to report who owns or controls their business. TruckingMBA can guide you through this process to ensure compliance.
Full disclosure, the “experts” that came out sounding very convincing made the case that since trucking companies, and brokers, are regulated, that they are exempt. And on the surfurface, if you are not familiar with the intent of the BOI reporting, this made a lot of sense.
The problem is that the regulation from the FMCSA has no requirement to report ownership interest. When you are filing for your authority, the only “reporting” is the person that will be responsible for safety. For some companies, this may be an employee with zero ownership interest.
Who Must Report?
There are 23 categories of companies that are exempt from reporting (complete list at bottom of post). The two that almost every trucking company that could be exempt are Publicly Traded Companies and Large Operating Companies.
We are going to run through what qualifies as a Large Operating Company for the purposes of BOI reporting (you will know if you are publicly traded company).
If you answer YES to all of these, you may be exempt and need to explore more. I you can not answer YES to all, and you do not fall under the other categories, then you will need to report.Â
- Do you have 20 or more full-time employees (W-2) that are based in the US?
- Did you file a US Tax return last year with $5 million or more in annual revenue?
- Do you operate in the United States?
- Are you a registered business entity (i.e. LLC or Corporation)?
If you are required to report, you must do this by Jan 1, 2025.
Feel free to reach out to us at the TruckingMBA if you would like help or have questions. 423-641-0833
You can get more detailed information at the FinCEN website. www.FinCEN.com/boi
What Information Is Required
Business Details
- Company name and d/b/aÂ
- Business Address
- State Registration Numbers
- Tax ID (EIN)
Owner Information
- Legal Name
- Birth Date
- Current Address
- Government Issued ID
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How to File
You can go to the BOIR site and file in 1 of 2 ways.
- Download and complete a PDF document then upload the document.
- Fill out the information online and submit.
Go to this site: boiefiling.fincen.gov/fileboir
If you have questions, contact TruckingMBA.
[email protected] or call 423-641-0833
We can file for you or just answer questions on if you are required to file.
List of Exempt Company Categories
Companies who fall under the following are not required to report.
1 Securities reporting issuer
2 Governmental authority
3 Bank
4 Credit union
5 Depository institution holding company
6 Money services business
7 Broker or dealer in securities
8 Securities exchange or clearing agency
9 Other Exchange Act registered entity
10 Investment company or investment adviser
11 Venture capital fund adviser
12 Insurance company
13 State-licensed insurance producer
14 Commodity Exchange Act registered entity
15 Accounting firm
16 Public utility
17 Financial market utility
18 Pooled investment vehicle
19 Tax-exempt entity
20 Entity assisting a tax-exempt entity
21 Large operating company
22 Subsidiary of certain exempt entities
23 Inactive entity
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