As 2024 quickly comes to a close, we want to ensure all our clients are prepared for a successful 2025.
The BOI reporting requirement, effective January 1, 2024, is part of the Corporate Transparency Act (CTA) of 2021. This law mandates that most small businesses report their ownership information to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The CTA aims to strengthen anti-money laundering efforts and prevent activities like terrorist financing, corruption, and tax fraud.
How to Determine if You Need to File a BOI Report
Not all businesses are required to file a BOI report. Most small businesses are subject to these requirements, but there are some exceptions. Click here to see the criteria and determine if your business qualifies for an exemption. You’ll also find a summary of penalties for noncompliance and additional details about filing requirements.
Key deadlines to note:
- For businesses created or registered before January 1, 2024: The initial report is due by January 1, 2025.
- For businesses created or registered on or after January 1, 2024: The initial report is due 90 days after the entity’s creation or registration.
- Any changes to previously filed information must be reported within 30 days of the change.
Due to the legal nature of this filing, we cannot complete this for you. We encourage you to reach out to your attorney to discuss your specific requirements and ensure compliance. The filing process is reportedly straightforward and can be completed at https://boiefiling.fincen.gov/fileboir.
For a deeper dive into BOI reporting and what it entails, be sure to check out our previous BOI blog article here.