As the deadlines for filing Business Ownership Information (BOI) reports approach, businesses must act promptly to stay compliant with regulations set by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Here's everything you need to know about upcoming deadlines, requirements, and potential penalties.

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Upcoming Deadlines

1. For Pre-2024 Entities
   If your business was established on or before January 1, 2024, you must submit your BOI report by January 1, 2025.

2. For Newly Created Businesses
   Businesses formed in 2024 have a 90-day window from their state filing date to complete and submit their BOI report.

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Who Needs to File?

All limited liability companies (LLCs) and corporations are required to file BOI reports.

• If you own multiple LLCs, each entity must submit its own report.

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Non-Compliance Penalties

Failing to file your BOI report on time can have severe consequences:

• Fines: Up to $591 per day.

• Criminal Penalties: A maximum of $10,000 in fines and potential imprisonment of up to two years.

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Recent FinCEN Updates

1. Exempt Entities
   Companies that ceased operations and completed their dissolution process before January 1, 2024, are not required to file.

2. Post-2024 Status
   Any company created or still in existence on or after January 1, 2024, must file a BOI report—even if it has ceased operations before the filing deadline.

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Special Rules for Disregarded Entities

Even entities classified as "disregarded" for tax purposes must file a BOI report. These entities must provide a valid taxpayer identification number, such as an EIN, SSN, or ITIN.

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Take Action Now
Meeting these requirements is essential to avoid penalties and ensure compliance. If you're uncertain about your filing responsibilities or need help with BOI reports, consult a professional. Taking proactive steps now can save your business from financial and legal complications down the line.

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Stay informed. Stay compliant.