File the BOI Report Before December 31, 2024 or Face Fines
As part of the Corporate Transparency Act that was passed by Congress in 2021, a new requirement for many businesses has emerged. Before December 31, 2024 corporations, LLCs, partnerships, and single-member LLCs registered in any state, will need to submit a special report to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Any of the entities listed above that were formed before January 1, 2024 have until January 1, 2025. Basically, December 31, 2024 is your last day to file this. If your business was formed in 2024, you are only given 30 days to file this report.
The special report which is shortened to BOI Report stands for Beneficial Owner Information and is part of a government effort to prevent money laundering and tax evasion. You should not have to do this more than once, at least as far as we know now and it should only take you about five minutes to complete.
You’ll need to provide details about owners of your business who own more than 25% of the business or who have significant control over the business, even if they don’t own a large share. These details will include legal name, residential address, date of birth and identification documents like a passport or driver’s license. There is no fee to file this by yourself.
Here is the homepage for more information on BOI Reporting on the FinCen government website: https://www.fincen.gov/boi
Here is the link to file a BOI Report online: https://boiefiling.fincen.gov/boir/html
Failing to file the BOI Report or not updating information about your business can lead to heavy fines, up to $500 per day. In severe cases this could lead to criminal charges. So act now, go to FinCen’s government website and submit the short and easy survey now before it slips your mind and time has run out.