Essentials on BOI Filing for Private Practice Owners

Feb 10

If you own a private practice, you’ve probably heard about the new Beneficial Ownership Information (BOI) report requirement. This new federal rule, enforced by the Financial Crimes Enforcement Network (FinCEN), affects millions of small business owners, including therapists in private practice. But don’t worry—we’re here to break it down in simple terms so you can stay compliant without the stress.

What Is the BOI Report?

The BOI report is part of the Corporate Transparency Act (CTA) and is designed to prevent fraud and financial crimes. It requires certain businesses, including LLCs, PLLCs, and other small corporations, to report details about their beneficial owners—essentially, the people who own or control the business.

Who Needs to File?

As a private practice owner, you need to file a BOI report if your practice is registered as an LLC, PLLC, S-Corp, or C-Corp. If you are a sole proprietor without an LLC or corporation, you are not required to file at this time (but that could be temporary!)

How to File Your BOI Report

The good news? Filing is free and can be done online through the FinCEN website. Here’s a step-by-step guide:

Gather Your Information – You’ll need details about your business, including:

Legal business name
Employer Identification Number (EIN)
Business address
Names, addresses, and identification (such as a driver’s license or passport) for all beneficial owners

Go to the BOI E-Filing System – You can find it on the FinCEN website: https://boiefiling.fincen.gov/
Complete the Online Form – Enter your business details and upload the required documents.
Submit and Save Your Confirmation – Once you submit, keep a copy of your filing confirmation for your records.

Deadlines & Penalties

If your practice was registered before January 1, 2024, you have until January 1, 2025, to file your BOI report.
New businesses formed in 2024 have 90 days after registration to file.
New businesses formed in 2025 and beyond have 30 days to file.
Failure to file can result in civil penalties of up to $500 per day and criminal penalties of up to $10,000 or imprisonment—so don’t put it off!

Key Takeaways for Therapists

✔️ If you own a PLLC, LLC, or Corporation, you need to file.
✔️ Filing is free and simple through the FinCEN website.
✔️ The deadline for existing businesses is January 1, 2025.
✔️ From here on, new businesses have 30 days after registration to file.
✔️ Avoid penalties by filing on time and keeping records.

Staying compliant doesn’t have to be overwhelming! By taking a few minutes to complete your BOI e-filing, you can check this task off your list and focus on what you do best—helping your clients.