Beneficial Owners Information Reporting Due Date Fast Approaching
Important Reminder About BOI Filings
The new mandatory filing, which went into effect January 1, 2024, states certain non-exempt businesses must comply with the Corporate Transparency Act (CTA). The CTA requires disclosure of the beneficial ownership information (BOI) of certain entities from people who own or control a company.
When to Report
Unless exempt,
Companies already in existence before January 1, 2024, must file an initial report by January 1, 2025.
Newly formed companies created and registered in 2024 must file within 90 days. For 2025, the filing requirement changes to 30 days.
Reporting companies with changes to previously reported information must file within 30 days.
Note: The filing periods begin after you receive either actual notice or public notice that your company’s creation or registration has become effective.
Learn More
Visit the Crimes Enforcement Network website for more information, including FAQs about BOI reporting requirements, filing instructions, exemption details, and guidance on how to get a FinCEN ID.
Following is a list of third-party vendors who can assist with your filings:
Non-Compliance Penalties
Penalties for willfully not complying with the BOI reporting requirement can result in criminal and civil penalties of $500 per day and up to $10,000 with up to two years of jail time. Click here for more information about the CTA, and contact your legal counsel for assistance.
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