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Beneficial Ownership Interest Form (BOI) for Business Owners
As we near the end of 2024, we are also nearing an extremely important reporting deadline. December 31st, 2024, is the final day that companies can file the new BOI form without penalty. The new form, mandated by the Corporate Transparency Act, is required to be completed and filed by January 1st, 2025. Most businesses are required to file this report, unless yours is excluded as one of the exceptions.
The Financial Crimes Enforcement Network (FINCEN) is tasked with monitoring compliance of this new regulation, created by Congress in an attempt to squash creation of shell companies, created en masse during the COVID period to qualify for loans, grants, etc.
The basics:
Any company that is required to file, and was formed prior to January 1, 2024, has until 11:59 PM on December 31st, 2024 to file the report.
Companies formed on or after January 1, 2024 have 90 days to file the required report.
Companies that are formed on or after January 1, 2025, will have 30 days to file the required report.
Penalties:
Failure to file can lead to harsh penalties. FINCEN is able to penalize business owners up to $500 per day for each day the report is late.
FINCEN can also impose criminal penalties of $10,000 and/or up to two years imprisonment.
Don't delay your BOI filing! Please contact us to assist if you have any questions. We are here to help.