Drake Tax - Corporate Transparency Act - Beneficial Ownership Information
Article #: 18259
Last Updated: August 14, 2026
Note BOI reports cannot be filed using Drake Tax; they must be filed directly through the FinCEN BOI website. The following article contains general information about BOI Reports, and the features within Drake Tax that can be used to assist entities in filing these reports.
On August 11, 2026, FinCEN issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act. Under the final rule, only foreign entities formed under foreign law and registered to do business in the U.S. are considered “reporting companies,” unless otherwise exempt. These foreign reporting companies generally are required to report BOI only for non-U.S. persons. See the FinCEN press release and FAQs for details.
Prior Updates:
Helpful Features
Included in Tools > Blank Forms is a Beneficial Owner Information Reporting Data Entry Checklist to aid beneficial owners in gathering the information they need to complete their report. Search BOIR.
To help preparers track which taxpayers and entities have filed BOI reports, a Beneficial Owner Information section is included on screen MISC (Miscellaneous Codes/Notes). These fields are for reporting purposes only and, when completed, can be used to produce informational BOI reports via the Drake Tax Report Manager. See Drake Tax - Creating a Beneficial Ownership Information (BOI) Report for instructions.
The FinCEN BOI page can be directly accessed from federal screen FAQ.