BOI Report for Wisconsin LLCs: Deadlines, Requirements & How to File
⚠️ BOI Compliance Update — March 2026: BOI enforcement under the Corporate Transparency Act has been subject to ongoing federal court injunctions. Filing requirements and deadlines may differ from what is described below. Always verify current status at FinCEN.gov/boi before acting. Last reviewed: March 2026.
What Is a BOI Report?
A Beneficial Ownership Information (BOI) report is a federal filing requirement established by the Corporate Transparency Act (CTA), which was enacted as part of the Anti-Money Laundering Act of 2020. The law requires most companies, including LLCs, to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
The purpose of the BOI report is to help the federal government combat money laundering, tax fraud, and other financial crimes by creating a database of the real people who own and control companies. This is separate from any Wisconsin state filing requirements and applies to LLCs in all 50 states.
Who Must File a BOI Report?
Most Wisconsin LLCs are required to file a BOI report. FinCEN calls these companies "reporting companies." A reporting company is any entity that is created by filing a document with a state secretary of state or similar office, or any foreign company registered to do business in the United States.
Since Wisconsin LLCs are created by filing Articles of Organization with the DFI, virtually all Wisconsin LLCs are reporting companies unless they qualify for one of 23 specific exemptions. The most common exemptions include:
- Large Operating Companies: Companies with more than 20 full-time employees, more than $5 million in gross receipts or sales, and a physical operating presence in the United States.
- Tax-Exempt Entities: Organizations exempt from federal income tax under IRC Section 501(a).
- Regulated Financial Institutions: Banks, credit unions, broker-dealers, and other entities already subject to extensive federal reporting requirements.
If your Wisconsin LLC does not meet any of these exemptions, you must file a BOI report. Most small businesses and newly formed LLCs will need to file.
Filing Deadlines
The filing deadline depends on when your LLC was formed:
- LLCs formed before January 1, 2024: Must file their initial BOI report by January 1, 2025. If you have not yet filed, you should do so immediately to avoid penalties.
- LLCs formed on or after January 1, 2024, but before January 1, 2025: Must file within 90 calendar days of receiving actual or public notice that their formation is effective.
- LLCs formed on or after January 1, 2025: Must file within 30 calendar days of receiving actual or public notice that their formation is effective.
Additionally, if any of the information in your BOI report changes (such as a change in beneficial owners, their addresses, or identification documents), you must file an updated report within 30 days of the change.
What Information Is Required?
The BOI report requires two categories of information: information about the reporting company and information about each beneficial owner.
Reporting Company Information:
- Full legal name of the LLC
- Any trade names or DBAs
- Current U.S. address (principal place of business)
- State of formation (Wisconsin)
- IRS Taxpayer Identification Number (EIN)
Beneficial Owner Information (for each owner):
- Full legal name
- Date of birth
- Current residential address
- Identifying document number (passport, state ID, or driver's license) and an image of the document
A beneficial owner is any individual who directly or indirectly exercises substantial control over the company or who owns or controls at least 25% of the company's ownership interests. For most small LLCs, this includes all members and any managers who have significant decision-making authority.
Company Applicant Information
For LLCs formed on or after January 1, 2024, the BOI report must also include information about the company applicant. The company applicant is the individual who directly files the formation document with the state, and, if applicable, the individual who directs or controls the filing. This means if you use a formation service, both you (as the person who directed the filing) and the service representative (who actually submitted the paperwork) may be listed as company applicants.
Penalties for Non-Compliance
The penalties for failing to file a BOI report are severe:
- Civil Penalties: $500 per day for each day a violation continues, with no maximum cap.
- Criminal Penalties: Up to $10,000 in fines and up to 2 years in prison for willful violations.
These penalties apply to both failing to file and to providing false or fraudulent information in a BOI report. The penalties are designed to be significant enough to ensure compliance, and FinCEN has indicated that enforcement will be a priority.
How to File Your BOI Report
BOI reports are filed electronically through FinCEN's BOI E-Filing system at boiefiling.fincen.gov. The filing is free and there is no charge from FinCEN. You will need to create an account, complete the online form with all required information, upload images of identifying documents for each beneficial owner, and submit the report electronically.
If you prefer professional assistance, Wi Filings offers BOI report preparation and filing to ensure your report is accurate, complete, and submitted before your deadline.
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