UPDATE: 10.10.2024
Due to a high volume of clients reaching out for assistance with BOI filing, we have developed a service offering that will allow us to file on your behalf, maintain your BOI records in our system, send reminder notifications and facilitate updates when required.
We will reach out to business owners soon with more information and an engagement letter for this optional add-on service.
Just a quick reminder that the deadline for Beneficial Ownership Information (BOI) reporting is January 1, 2025.
The good news is that reporting is fast, easy, and doesn’t cost anything.
The bad news is that many business owners don’t know they need to do it – and the fines and penalties for non-compliance are stiff!
What is BOI reporting?
BOI reporting is a new rule under the Corporate Transparency Act (CTA) that helps the U.S. Treasury Department fight financial crimes.
If you’d like to learn more, click here. Otherwise, lets get you filed before the deadline.
Who needs to file and where do I do it?
Beneficial owners at the following entities are required to file BOI reports:
- Corporations and limited liability companies (LLCs)
- Other similar entities created by filing documents with a state or Native American tribe
A beneficial owner is anyone who:
- Owns 25% or more of the company, directly or indirectly
- Exercises substantial control over the company
If that’s you, confirm that your business is not exempt and then click the file now button below to provide the name, date of birth, residential address and I.D. number for all beneficial owners. That’s it.
NOTE: Only one report per business or entity is required, listing all beneficial owners for the organization. the report can be filed by an owner or a legal representative of the company.
What businesses are exempt?
Certain companies are except from filing as they are already subject to regulatory oversight.
- The 23 categories of businesses listed here
- Large operating companies – as defined by:
- At least 20 full-time employees
- More than $5M in gross receipts or sales
- Physical operating presence in the U.S.
If you are uncertain about your exemption status or need to file for any reason, seek professional guidance immediately to avoid being hit with fines or penalties.
Penalties for failure to file
Failing to file in time can lead to civil penalties up to $500 per day for every day the report is late.
Willful failure to file or filing false information can be penalized with up to $10,000 in fines and up to two years of imprisonment.
Deadlines
For businesses created or registered before January 1, 2024, the deadline to file is January 1, 2025.
For entities created or registered on or after January 1, 2024, the BOI report must be submitted within 30 days of registration.
Updates and annual reporting
No annual reporting is required if there are no changes in ownership, but BOI reports must be updated within 30 days any time:
- A new beneficial owner is added
- A beneficial owner’s personal information has changed
- A person is no longer a beneficial owner
