Drake Tax - Corporate Transparency Act - Beneficial Ownership Information
Article #: 18259
Last Updated: March 31, 2025
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 March 21, 2025, FinCEN issued an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information (BOI) under the Corporate Transparency Act. Only foreign entities registered to do business in the U.S. are considered “reporting companies” and must report BOI, unless exempt. Under this interim final rule, foreign reporting companies have the following BOI reporting deadlines:
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If the foreign entity became a reporting company prior to March 26, 2025, the initial report is due no later than April 25, 2025.
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If the foreign entity became a reporting company on or after March 26, 2025, the initial report is due within 30 calendar days after being notified that their registration is in effect.
See the Interim Final Rule: Questions and Answers page for more information.
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.