Did you file your BOI report by January 1st?
If you are reading this and thinking, what is a BOI and what did I miss? Well, you are not alone. BOI stands for Beneficial Ownership Information. In 2021, Congress enacted the bipartisan Corporate Transparency Act to help fight illegal financial transactions. Reporting companies must report on their beneficial ownership information electronically through the Financial Crimes Enforcement Network (FinCEN) website.
In a nutshell every company in the United States, which was created or registered prior to January 1, 2024, had until January 1, 2025, to report their BOI. If your company was registered in 2024, then you were required to report your BOI within 90 calendar days, and for those formed in 2025 will have 30 days to comply. There are 23 types of entities not required, but you can find that information on their website.
There are hefty fines for not complying, $591 a day can be imposed along with criminal penalties of two years in prison and $10,000 fine. If you haven’t done it yet, you can breathe a short sigh of relief due to a current lawsuit in Texas a short stay was granted until January 13, 2025, so if you haven’t already done so, double check to see if you are required to file, and if so, do it now, so you don’t get caught getting fined, or worse. Beneficial Ownership Information Reporting | FinCEN.gov