Does A Single-Member LLC Need To File a BOI? Tips for OnlyFans Creators

As an OnlyFans creator, managing your taxes and business structure is important. One of the recent changes affecting small businesses like yours is the Beneficial Ownership Information (BOI) filing under the Corporate Transparency Act (CTA). If you operate a single-member LLC, you might be wondering: Does a single member LLC need to file a BOI?

The answer is yes, and understanding this requirement is essential for staying compliant with tax regulations and avoiding potential tax liability. In this guide, we’ll explain what the BOI report is, why it’s important for OnlyFans creators, and how to file it. We’ll also cover key tax considerations, such as self-employment taxes, tax write-offs, and how to maximize your business expenses for tax purposes.

Introduction to BOI Reporting

The Beneficial Ownership Information (BOI) reporting requirement, introduced by the Corporate Transparency Act (CTA), marks a major shift in how small businesses and self-employed individuals, including OnlyFans creators, must report information about their business. As of January 1, 2024, entities such as Single-Member LLCs are required to submit details about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This new rule is designed to prevent the misuse of shell companies for illegal activities and to promote transparency in business ownership.

For OnlyFans creators, this means that in addition to paying self-employment taxes on your OnlyFans income, you must also comply with new reporting requirements to ensure your business is operating within the law. Staying informed about these changes is essential for all self-employed individuals to avoid penalties and remain compliant with evolving tax laws.

Understanding Beneficial Ownership

Beneficial ownership is a key concept under the Corporate Transparency Act that every OnlyFans creator running a business should understand. A beneficial owner is any individual who directly or indirectly owns or controls at least 25% of the ownership interests in a company, or who exercises substantial control over the business. Substantial control can include making important decisions about the company’s finances, operations, or structure. Senior officers, such as presidents, CEOs, and general counsels, are automatically considered to have substantial control, regardless of their ownership percentage.

For OnlyFans creators, this usually means you are the beneficial owner of your business and must ensure your beneficial ownership information is accurately reported. Understanding these reporting requirements is crucial to avoid fines and to keep your business in good standing.

What Is a BOI Report?

A Beneficial Ownership Information (BOI) report is a requirement under the Corporate Transparency Act (CTA), part of the National Defense Authorization Act (NDAA) passed in 2020. This law aims to increase business transparency, curb money laundering, tax evasion, and the use of shell companies to hide illicit activities. The BOI report also serves national security interests by creating a national database to assist law enforcement in preventing criminal activities.

The new beneficial ownership reporting regime under the Corporate Transparency Act took effect on January 1, 2024.

The BOI report requires business owners (including those of single-member LLCs) and other entities such as corporations and foreign entities to disclose beneficial ownership information. A beneficial owner is someone who directly or indirectly owns or controls a company. In the case of a single-member LLC, the beneficial owner is typically the sole owner of the LLC.

Does a Single Member LLC Need to File a BOI?

Yes, if you operate a single-member LLC, you are generally required to file a BOI report with the Financial Crimes Enforcement Network (FinCEN). Under the Corporate Transparency Act, single-member LLCs are considered reporting companies and must disclose the beneficial ownership information of the company. This includes your name, date of birth, address, and other personal information that identifies you as the beneficial owner of the LLC.

The BOI filing requirement applies to entities formed or registered in the U.S., including newly created LLCs. Company applicants, such as individuals involved in LLC formation, must also provide identification and documentation as part of the BOI filing process. Single-Member LLCs (SMLLCs) owned by individuals are required to file reports unless they fall into one of the 23 exemptions from reporting. Most SMLLCs are not exempt; exemptions usually apply to large operating companies, banks, credit unions, or public companies.

For OnlyFans creators, this filing requirement is part of staying compliant with business regulations. As a self-employed individual, managing your OnlyFans income through an LLC (Limited Liability Company) is an excellent way to protect your personal assets, but it also comes with specific compliance obligations like the BOI filing.

What Information Do You Need to File a BOI Report?

To file the BOI report, you’ll need to gather the following information:

1. Beneficial Owner’s Personal Information:

• Full name
• Date of birth
• Residential or business address
• Social Security Number (SSN) or Employer Identification Number (EIN)

Individuals who are considered beneficial owners include those who own at least 25% of the company or exercise substantial influence or control over the entity, such as senior officers, general counsel, or other officers with similar function.

2. Company Details:

• LLC’s name and formation date
• Registered address of the company
• Tax forms such as your LLC’s EIN or tax-exempt status if applicable

Reporting requirements are determined by state law and apply to entities registered with a secretary of state or similar office.

For a disregarded entity SMLLC, the owner may use their Social Security Number for federal income tax purposes but must obtain an Employer Identification Number if they have employees.

This ensures that the Financial Crimes Enforcement Network has up-to-date information about who controls the business and helps prevent financial crimes such as tax evasion and the use of shell companies.

When Should a Single-Member LLC File a BOI Report?

The filing deadlines for the initial report (BOI report) depend on when your LLC was formed:

• LLCs created or registered in 2023 or earlier: The initial report is due by January 1, 2025.
• LLCs formed in 2024: You must file the initial report within 90 days of formation.
• LLCs formed in 2025 and beyond: You must file the initial report within 30 days of formation.

If any information changes after submitting your initial report, you are required to file an updated report within 30 days of the change.

If your single-member LLC has been active for a while, it’s crucial to keep track of these deadlines to avoid penalties.

Who Is Exempt From Filing a BOI Report?

There are a few certain exempt entities that do not need to file a BOI report, including:

1. Large Operating Companies: Businesses with more than 20 employees, $5 million in gross receipts, and assets over $5 million.
2. Certain Exempt Entities: These include regulated financial institutions, and entities that are already subject to other ownership disclosure requirements.
3. Inactive Companies: Businesses that are inactive and not conducting any ongoing activities might be exempt as well.

Sole proprietorships, trusts, and general partnerships are generally not required to file a BOI report unless they are formally registered with the Secretary of State.

Other entities, such as corporations, LLCs, and foreign entities, are also subject to BOI reporting unless they qualify for an exemption. Foreign reporting companies that are registered to do business in the U.S. must still file BOI reports.

If your single-member LLC doesn’t meet these criteria, you will likely need to file the BOI report.

How to File a BOI Report for Your Single-Member LLC

The process to file a BOI report is relatively straightforward:

1. Create a FinCEN Account: First, you will need to register on the FinCEN portal.
2. Prepare Your Information: Gather all necessary details about your LLC and beneficial ownership.
3. Submit Your BOI Report: BOI reports must be submitted electronically through FinCEN’s e-filing portal. You can submit the report directly, or use third party service providers that offer fee-based software solutions to assist with the electronic submission of BOI reports.
4. Update Your Report: If any information changes, you must update your report within 30 days.

Quarterly Estimated Tax Payments

As a self-employed OnlyFans creator, you are responsible for making quarterly estimated tax payments to the IRS. This includes paying self-employment taxes on your net OnlyFans income, which covers both Social Security and Medicare taxes. The deadlines for these payments are April 15th, June 15th, September 15th, and January 15th of the following year. Using Form 1040-ES, you can calculate your estimated taxable income and ensure you pay the correct amount each quarter.

Making timely payments helps you avoid interest and penalties, and keeps your business compliant with tax laws. Staying proactive with your estimated tax payments is a key part of managing your self-employment income and meeting your tax obligations.

BOI Filing and OnlyFans Taxes: Understanding Your Tax Obligations

For OnlyFans creators, the BOI filing is only one part of your broader tax obligations. It’s essential to understand your tax implications when running an LLC. Here are a few things to keep in mind:

• Creator Taxes & Self-Employment Taxes: As a self-employed individual, you must pay creator taxes, including self-employment taxes, on all income earned from OnlyFans. OnlyFans income is subject to the same taxes as any other job and is considered self-employment income. You are required to pay self-employment tax at a flat rate of 15.3% on your net income after deductions, which covers both Social Security and Medicare taxes.
• Income Tax & Different Forms: Your business income from OnlyFans is subject to income tax, and you’ll need to report your gross income on your tax returns using Schedule C and Schedule SE. There are different forms of income, such as hobby versus business income, and it’s important to use the correct form for tax reporting. The IRS considers all income earned from OnlyFans as taxable, regardless of how you earn money or make money on the platform.
• Tax Forms & Other Forms: Creators will receive a 1099-NEC form from OnlyFans if they earn more than $600 in a tax year, and must use this and any other form applicable to report their income. OnlyFans does not withhold taxes from creators’ earnings, so you are responsible for setting aside money to pay taxes. If you expect to owe more than $1,000 in taxes for the year, you must make estimated tax payments quarterly.
• Tax Write-Offs & OnlyFans Tax Write-Offs: As a small business owner, you can deduct tax deductible business expenses incurred in the production of your income, such as editing software, filming equipment, marketing costs, and even business use of your home. These are considered OnlyFans tax write-offs and can significantly reduce your taxable income.
• Tax Year: The tax year is the annual period for which income and tax documentation are collected and reported, so be sure to track your income and expenses accordingly.
• BOI Filing Updates: As of 2026, domestic single-member LLCs and U.S. persons are no longer required to file BOI reports with FinCEN, following a significant rule change in March 2025 that removed the reporting requirement for U.S.-based companies and U.S. beneficial owners under the CTA. However, New York requires annual updates to confirm or amend the information on record.

By filing the BOI report (if required) and staying on top of your tax deductions, you can maximize your tax savings and avoid unnecessary penalties.

FAQs

Does a sole proprietor have to file a BOI?

No, sole proprietors are not required to file a BOI report. The BOI filing is a requirement for entities such as LLCs and corporations. Since sole proprietors do not have a separate legal entity, they are not subject to the Corporate Transparency Act filing requirements.

Who needs to file a BOI report?

Any reporting company, including single-member LLCs, must file a BOI report unless they are exempt. This includes companies registered in the U.S. that have an LLC, corporation, or partnership structure. The BOI filing applies regardless of the company’s size unless it meets specific exemption criteria, such as being a large operating company or a regulated entity.

Who is exempt from BOI reporting?

Certain exempt entities do not have to file a BOI report under the Corporate Transparency Act. This includes large operating companies with over 20 employees and more than $5 million in gross receipts, as well as regulated entities like financial institutions. Inactive companies and certain tax-exempt entities may also be exempt from reporting requirements.

Can I file the BOI report myself?

Yes, you can file the BOI report yourself through the FinCEN online system. The process is straightforward, but it requires accurate information about your LLC and personal details as the beneficial owner. If you’re unsure or need help, consulting a tax professional or enrolled agent can make you meet all legal requirements.

Conclusion

As a single-member LLC operating as an OnlyFans creator, it’s essential to understand your tax obligations and the BOI filing requirements under the Corporate Transparency Act. Filing the BOI report is a critical part of staying compliant with tax laws and making sure your business is transparent. Remember to keep track of filing deadlines, gather the necessary business information, and file the BOI report on time to avoid penalties.

At The OnlyFans Accountant, we help OnlyFans creators navigate taxes and business compliance with confidence. Our team provides expert advice to help you manage tax obligations, deductions, and more. Contact us today to get the support you need to grow your business and minimize tax stress!