With the holidays quickly approaching, so is an important regulatory requirement that likely affects your business. The deadline for filing Beneficial Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN) for entities formed before January 1, 2024, is January 1, 2025. Before commencing your New Year’s Eve celebration, be sure to file your BOI report to avoid harsh penalties.

Key Points to Remember:

Who Must Report: Most small private companies unless an exemption applies. This includes almost every private corporation, limited liability company, limited partnership, or similar business entity.
BOI Report Requirements: The reporting company is required to report its fill legal name, dba name, current U.S. address, state of formation, and EIN. The beneficial owners are required to report the full legal name, current addresses, ID numbers, and ID of each beneficial owner and company applicant.
Who is Considered a Beneficial Owner: Beneficial Owners are individuals who exercise substantial control over the entity (i.e., managers, managing members, officers, etc.) or own 25% or more of the entity.
Filing Deadlines:
- Entities formed before January 1, 2024 must file by January 1, 2025
- Entities formed on or after January 1, 2024 must file 90 days after receiving notice of formation
- Entities formed on or after January 1, 2025 must file 30 days after receiving notice of formation.
Penalties for Non-Compliance: Failure to file can result in severe penalties including daily fines of $500 and criminal penalties of up to $10,000 in fines and up to two years imprisonment.

What You Need to Do:

Determine if You’re a Reporting Company: If you are a small private entity that is not covered by an exemption, you likely are considered a reporting company.
Identify Beneficial Owners: Gather information on all individuals who own 25% or more of the company or who exercise significant control over the business.
Prepare Required Information: collect all necessary information in the report about the company and its beneficial owners including legal names, date of birth, addresses, and identification numbers.
File Your Report: Submit your BOI report through FinCEN’s secure online portal before the deadline

Need Assistance or Have Additional Questions?

Filing your BOI report is easy and can be submitted through this link: However, if you need additional assistance, we can prepare the report for you for $150.

For more detailed information, please refer to our previous article on BOI reports. You can also find answers to frequently asked questions on FinCEN’s
Frequently Asked Questions page.