BOI Filing
The 2021 Corporate Transparency Act (CTA) now requires practically all small businesses to file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN).
For entities in existence prior to January 1, 2024, the deadline to file is January 1, 2025.
For entities created in 2024, the deadline to file is 90 days from the date the company receives notice that the company is registered with the state.
For entities created in 2025, the deadline to file is 30 days from the date the company receives notice that the company is registered with the state.
DEADLINE TO JANUARY 1, 2025
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Be Mindful
FinCEN will not attempt to call you or send out mail flyers threatening penalties, fines, or imprisonment if you do not file.
We have had clients receive very official looking letters that at first glance appear to be governmental in nature but are only advertising fliers for companies to file your BOI report for you. If you receive one of those fliers, please reach out to us and we will let you know whether it is legitimate or not.
With any new rollout of regulation such as the CTA, there is a substantial amount of misinformation and fearmongering, as well as bad actors attempting to take advantage of the situation. The only authoritative source of information is FinCEN’s website.
The FinCEN Small Business FAQ can be found here