The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Deadlines
If your business existed as of January 1, 2024, you must file your BOI report by January 1, 2025.
If you created your business in 2024, you have 90 days from the date of filing with your state’s Secretary of State to submit your BOI report.
Entities Required to File
All limited liability companies (LLCs) and corporations must file. For example, if you own multiple LLCs, each requires a separate BOI report.
Penalties for Non-compliance
Failure to file on time can result in significant penalties, including fines of $591 per day, a potential $10,000 criminal penalty, and up to two years in prison.
Recent Updates from FinCEN
Companies that ceased to exist before January 1, 2024, are not required to file a BOI report if they completed the dissolution process before that date.
Companies created or still existing on or after January 1, 2024, must file a BOI report, even if they ceased operations before their filing deadline.
Special Considerations for Disregarded Entities
Disregarded entities, for U.S. tax purposes, must also file a BOI report using a valid taxpayer identification number (TIN), such as an EIN, SSN, or ITIN.
Don’t let time run out—avoid costly penalties with smart planning!
Coach Janelle, CPA is here to ensure your business meets the BOI filing deadlines seamlessly. Whether you own multiple LLCs or manage a corporation, our services will keep you on track and protect you from daily fines, criminal penalties, and compliance headaches.
Ready to stay compliant and focus on growing your business? Connect with us today!
My passion is to help 6 & 7- figure+ earners see their financial possibilities through financial literacy and strategy.
I want to help you save on taxes so you can keep more of your money to live the life you dream of and have worked for NOW, and build wealth and equity for the next generation.
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