What is the BOI report?
The Financial Crimes Enforcement Network (FINCEN) is now requiring that many companies report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. If are a 25% or more owner of a Corporation, S-corp, LLC, Partnership, etc you must file this report as well as most companies that filed a document with a secretary of state or similar office when it was created. There are also some exemptions.
What is the BOI deadline?
- Businesses opened prior to 2024 have until Jan1, 2025 to file.
- Businesses opened during 2024, have 90 days to file after receiving notice that its creation or registration is in effect.
- Businesses opening in 2025 have 30 days to file after receiving notice.
What do I need to file?
- Name of Business, EIN, address
- Owner’s name, address, date of birth, and image of ID
What if I don’t file in time?
- You can be fined up to $500 per day your report is late!
You can file online for free on the FINCEN website. You can also have your lawyer, accountant or other 3rd party person file for you. They will most likely charge a fee. Beware of scams! Only use a 3rd party you trust. Please reach out if you have any questions!
For more information, FAQ’s, video showing the filing process, and much more information visit:
**However, there is now an injunction! More information can be found here: https://news.bloomberglaw.com/daily-labor-report/corporate-transparency-act-blocked-nationwide-by-texas-court?utm_source=TaxSpeaker%20Subscribers&utm_campaign=8a1f6d28ee-BOI%20Filing%20Requirement%20Update_COPY_01&utm_medium=email&utm_term=0_-a71d3d9133-%5BLIST_EMAIL_ID%5D&ct=t%28BOI%20Filing%20Requirement%20Upate_COPY_01%29&mc_cid=8a1f6d28ee