Understanding BOI Reporting: What Landlords Need to Know to Stay Compliant

As an experienced landlord, you’re no stranger to regulations and compliance. However, there’s a new requirement on the block: Beneficial Ownership Information (BOI) reporting. 

So, why is it important, and how does it affect you? BOI reporting is all about transparency — it’s designed to prevent fraud, tax evasion, and the misuse of shell companies by shedding light on who really owns and controls businesses, including those managing rental properties.

With the Corporate Transparency Act (CTA) now in full effect, landlords who manage their rental portfolios through LLCs or corporations will need to comply with these new reporting requirements. It’s not just another layer of red tape — BOI reporting is creating a fairer, more secure environment for honest businesses like yours. 

In this article, we’ll walk you through what you need to know and how to ensure you stay compliant without any headaches.

What is BOI reporting?

In simple terms, Beneficial Ownership Information (BOI) reporting is about making sure the government knows who actually owns or controls a business. It’s not about day-to-day managers or people working in the business; rather, it’s about those who hold real power or significant ownership. 

The idea is to pull back the curtain on the people behind LLCs, partnerships, and corporations, which are often used to own rental properties. The purpose of BOI reporting is to bring more transparency into the business world and to crack down on things like fraud, tax evasion, and the misuse of shell companies — those faceless entities people sometimes use to hide assets or dodge accountability. 

With BOI reporting, landlords who use LLCs or corporations to manage properties must disclose who the real “beneficial owners” are — those who own or control at least 25% of the company or have significant decision-making power.

Who needs to file a BOI report?

For landlords operating through business structures like LLCs, partnerships, or corporations, BOI reporting ensures you're in the clear and doing business above board. It's about reinforcing the integrity of the rental property market and protecting it from shady actors.

The rule targets entities created by filing with a state — think LLCs, corporations, limited partnerships, and business trusts. So, if you've structured your rental business this way, you'll likely need to report.

Not everyone is on the hook, though. Large, publicly traded companies and certain regulated entities (like banks) are exempt because they're already heavily scrutinized through other processes. But for most landlords using smaller LLCs or similar structures, you're squarely in the zone of entities that need to comply.

Whether you own one building or many, if you manage your properties through an LLC or corporation, you'll likely need to file a BOI report to identify the beneficial owners. If you're unsure, it's always best to check with a legal advisor, but odds are, if you're not a large public company or government-regulated entity, this is something you'll need to pay attention to.

What information do landlords need to provide?

Now that we’ve covered what BOI reporting is and to whom it applies, let’s dive into the specifics of what you’ll need to gather for compliance. The process might sound a bit detailed, but with the right info in hand, it’s straightforward.

For each beneficial owner (typically anyone who owns or controls 25% or more of your LLC or corporation), you’ll need to provide the following:

• Full legal name: No nicknames or abbreviations — just what’s on their government-issued ID.
• Date of birth: Straightforward — make sure it matches official records.
• Address: You’ll need to provide a current residential or business address.
• Unique identifying number: This could be from a state-issued driver’s license, passport, or other government ID.

In addition to these details, you’ll need to upload an electronic image of the identification document (driver’s license, passport, etc.) for each beneficial owner. The image needs to be clear and legible because it’s used to verify their identity; the file size must fit within FinCEN’s guidelines (typically a max of 4MB in formats like JPG, PNG, or PDF).

Essentially, it’s about making sure there’s no ambiguity regarding who’s behind your rental business. While it might feel like just another step in compliance, gathering this information now will help avoid any future hiccups or penalties down the line.

Filing deadlines and compliance

Now that you know what to report and to whom it applies, let’s make sure you’re clear on the filing deadlines — because, like any regulatory process, missing these dates can lead to penalties.

Here’s a quick breakdown of the deadlines based on when your entity was created or registered:

• For entities created before January 1, 2024: You’ve got until January 1, 2025 to submit your BOI report.
• For entities created between January 1, 2024, and January 1, 2025: You’ll need to file your report within 90 days of receiving public notice or official confirmation that your business was formed.
• For entities created after January 1, 2025: The deadline is tighter — you’ll have just 30 days after public or official notice of formation to submit your BOI report.

If you're managing your rentals through an LLC or other applicable structure, mark these dates on your calendar. Missing these deadlines can result in fines or other legal consequences.

Staying on top of this reporting requirement ensures your business remains in good standing with regulatory authorities. By being proactive, you'll breeze through this compliance without any headaches!

How to file a BOI report

Filing your BOI report is pretty straightforward. You’ve got two options: online filing or PDF filing. Here’s a quick breakdown of both methods.

1. Online Filing

If you want a real-time, direct way to submit your report, online filing is the way to go. Using FinCEN’s e-filing portal, you can complete and submit your BOI report directly on the site. 

Keep in mind that once you start, you’ll need to finish the entire process in one go — you can’t save it and come back later. Here’s a simple step-by-step:

• Step 1: Head to the FinCEN BOI E-Filing Portal.
• Step 2: Click on “File BOIR,” and select the option to “Prepare & Submit BOIR.”
• Step 3: Complete the required fields, attaching necessary ID documents for each beneficial owner.
• Step 4: Review your information, certify that it’s true and accurate, and hit Submit. You’ll get a confirmation once it’s successfully filed.

2. PDF Filing

If you prefer working offline, you can opt for the PDF filing method. Here, you’ll download a PDF form, fill it out on your computer, and then upload it back to the FinCEN portal when you’re ready to submit.

Here’s how to do it:

• Step 1: Download the BOIR form from the BOI E-Filing Portal.
• Step 2: Open the form in Adobe Acrobat Reader (make sure you have the latest version).
• Step 3: Complete the form by entering all the required information, and attach ID documents for beneficial owners.
• Step 4: Save the completed form, and return to the portal to upload it. After uploading, click Submit, and you’ll receive a confirmation that it’s been filed.

Whether you file online or via PDF, both processes ensure that your report is securely submitted to FinCEN.

Why is BOI reporting important for landlords?

We’ve talked about the “what” and “how” of BOI reporting, but why does it really matter for landlords? Beyond just ticking a compliance box, BOI reporting plays a key role in protecting your business and reputation.

Non-compliance comes with real consequences: fines, potential legal issues, and even damage to your business reputation. Missing a report or filing inaccurate information could result in unnecessary headaches — and let’s face it, none of us want that.

But it’s not just about avoiding penalties. 

Transparency helps ensure that the rental industry remains fair and fraud-free. By making ownership clear, you reduce the risk of being tangled in fraudulent schemes or shady business dealings. Essentially, BOI reporting reinforces the integrity of your business, signaling that you’re operating above board. It’s a small step toward a more secure and transparent rental property market.

Tips for landlords: Staying organized with BOI reporting

While BOI reporting may sound like another task to add to the to-do list, a little organization can go a long way in making it manageable. Here are some practical tips to keep you on track and compliant:

1: Keep a centralized list of beneficial owners and required documents

Maintaining a list of all beneficial owners (those who own or control at least 25%) and their necessary details (full name, address, date of birth, and identification info) can save you time when it’s time to file. 

Consider using a secure spreadsheet or management software to store this information, so it’s ready when you need it.

2: Regularly update information

Business structures and ownership can change, so it’s important to update your records whenever there are shifts in beneficial ownership or personal details. FinCEN requires updates to BOI reports within 30 days of any changes, and staying on top of this helps you avoid penalties.

3: Use digital tools to stay compliant

While Azibo doesn’t directly handle BOI reporting, Azibo’s platform does offer helpful features like document storage that can support you in keeping all your important paperwork organized and accessible. 

Securely store the necessary ID documents and information for each beneficial owner, so everything is in one place when it’s time to file.

Sign up for free, today.

4: Set calendar reminders for filing deadlines

Whether you’re working with an existing business structure or creating a new LLC, setting up reminders for key deadlines will help ensure you file on time. As we mentioned, missing deadlines could lead to fines or legal issues, so it’s worth scheduling regular check-ins to stay on top of compliance.

By staying organized and using tools like Azibo’s document storage, you can streamline the process, ensuring your BOI reporting doesn’t become a burden.

The importance of complying with BOI reporting regulations

As a landlord, especially if you manage your properties through an LLC or corporation, compliance with BOI reporting regulations isn’t just a formality, it’s a critical part of protecting your business. 

Ensuring that you’re transparent about who really owns and controls your business helps guard against potential legal complications, fraud, and fines. It also strengthens the trustworthiness of your business in the eyes of financial institutions and regulators.

BOI reporting is all about transparency and accountability, so it’s important to regularly review your business structure and make sure you’re meeting all legal requirements. Whether it’s staying organized with a list of beneficial owners, updating records promptly when things change, or using tools like Azibo’s document storage to keep everything in one place, these small steps will ensure that you’re prepared when filing deadlines come up.

Staying compliant not only keeps you out of trouble but also reinforces the integrity of your business. With these guidelines in mind, you can focus on what really matters — growing and managing your rental portfolio with confidence.

BOI Reporting FAQs

How often do landlords need to update their BOI reports

Landlords must update their BOI reports within 30 days of any changes to beneficial ownership or other key information. This includes changes in ownership percentages, personal details like addresses or identification numbers, or changes in the control of the entity.

What happens if the information in a BOI report changes after filing?

If there are any changes to the information in a BOI report after filing, landlords must submit an updated report to FinCEN within 30 days. Failing to do so may result in penalties, including fines.

Can landlords hire someone to file the BOI report for them?

Yes, landlords can hire a third party such as an attorney, accountant, or other professional to file the BOI report on their behalf. However, the landlord remains responsible for ensuring the report is accurate and submitted on time.